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Citi Trends Announces Fourth Quarter And Fiscal 2010 Results And Provides Earnings Guidance For Fiscal 2011

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. After opening three stores and closing one thus far in the first quarter of 2011, the Company currently operates 463 stores located in 27 states. Citi Trends’ website address is www.cititrends.com. CTRN-E

Forward-Looking Statements

All statements other than historical facts contained in this news release, including statements regarding our future financial results and position, business policy and plans and objectives of management for future operations, are forward-looking statements that are subject to material risks and uncertainties. The words "believe," "may," "could," "plans," "estimate," "continue," "anticipate," "intend," "expect" and similar expressions, as they relate to Citi Trends, are intended to identify forward-looking statements. Statements with respect to earnings guidance are forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company’s year-end financial and accounting procedures, are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements, as a result of various factors which are discussed in Citi Trends, Inc. filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to economic conditions, growth risks, consumer spending patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, Citi Trends does not undertake to publicly update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new information, future events or otherwise.

 
CITI TRENDS, INC.
CONDENSED STATEMENTS OF INCOME (unaudited)
(in thousands, except per share data)
   
 
Thirteen Weeks Ended Thirteen Weeks Ended
January 29, 2011 January 30, 2010
(unaudited) (unaudited)
Net sales $ 172,043 $ 169,811
Cost of sales   105,184     104,258  
Gross profit 66,859 65,553
Selling, general and administrative expenses 47,112 44,050
Depreciation and amortization   5,692     4,752  
Income from operations 14,055 16,751
Interest income 34 75
Interest expense   (7 )   (6 )
Income before income tax expense 14,082 16,820
Income tax expense   4,718     5,569  
Net income $ 9,364   $ 11,251  
 
Basic net income per common share $ 0.64   $ 0.78  
Diluted net income per common share $ 0.64   $ 0.78  
 
Net income attributable to common shares (1):
Basic $ 9,364   $ 11,251  
Diluted $ 9,364   $ 11,251  
 
Weighted average shares used to compute basic net income per share   14,523     14,402  
Weighted average shares used to compute diluted net income per share   14,537     14,447  
 
 
Fifty-Two Weeks Ended Fifty-Two Weeks Ended
January 29, 2011 January 30, 2010
(unaudited) (unaudited)
Net sales $ 622,528 $ 551,869
Cost of sales   383,318     338,898  
Gross profit 239,210 212,971
Selling, general and administrative expenses 187,231 165,166
Depreciation and amortization   20,535     18,431  
Income from operations 31,444 29,374
Interest income 174 404
Interest expense   (24 )   (92 )
Income before income tax expense 31,594 29,686
Income tax expense   10,742     9,969  
Net income $ 20,852   $ 19,717  
 
Basic net income per common share $ 1.44   $ 1.36  
Diluted net income per common share $ 1.44   $ 1.36  
 
Net income attributable to common shares (1):
Basic $ 20,852   $ 19,540  
Diluted $ 20,852   $ 19,541  
 
Weighted average shares used to compute basic net income per share   14,503     14,364  
Weighted average shares used to compute diluted net income per share   14,523     14,396  
 
 
(1) Net of income allocated to nonvested restricted stockholders
 
 
 
CITI TRENDS, INC.
CONDENSED BALANCE SHEETS (unaudited)
(in thousands)
 
January 29, 2011 January 30, 2010
(unaudited) (unaudited)
Assets:
Cash and cash equivalents $ 69,231 $ 62,993
Short-term investment securities 586 33,025
Inventory 121,432 100,874
Other current assets 16,669 14,927
Property and equipment, net 85,299 63,791
Long-term investment securities 9,205 -
Other noncurrent assets   3,980     4,376  
Total assets $ 306,402   $ 279,986  
 
Liabilities and Stockholders' Equity:
Accounts payable $ 67,934 $ 62,706
Accrued liabilities 23,184 22,273
Other current liabilities 444 3,669
Noncurrent liabilities   10,036     9,995  
Total liabilities 101,598 98,643
 
Total stockholders' equity   204,804     181,343  
Total liabilities and stockholders' equity $ 306,402   $ 279,986  




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