Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the first quarter of fiscal 2011.
Financial Highlights – First quarter ended April 30, 2011
Total sales in the first quarter ended April 30, 2011 increased 4.3% to $189.2 million compared with $181.4 million in the first quarter ended May 1, 2010. Comparable store sales decreased 6.9%, after increasing 9.6% in last year’s first quarter. Net income was $12.1 million, or $0.83 per diluted share, in the first quarter of 2011, compared with $12.4 million, or $0.86 per diluted share, in last year’s first quarter.
The Company opened 15 stores, relocated or expanded 5 others, and closed 3 stores in the first quarter of 2011, reaching a total store count of 473 at the end of the quarter.Fiscal 2011 Outlook The Company estimates that 2011 earnings will be in a range of approximately $1.25 to $1.35 per diluted share. This estimate assumes that comparable store sales will be down 1% to 2% for the full year, including a 1% to 2% increase in the last three quarters of the year. Additionally, in 2011 the Company expects to increase selling square footage by at least 15% and expects its effective tax rate to be in a range of 34% to 35%. The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables. See “Forward-Looking Statements” below for more information regarding these uncertainties. Investor Conference Call and Webcast Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2913. A replay of the conference call will be available until May 25, 2011, by dialing (402) 977-9140 and entering the passcode, 21520634. The live broadcast of Citi Trends' quarterly conference call will be available online at the Company's website, www.cititrends.com, as well as http://ir.cititrends.com/events.cfm, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and continue through May 25, 2011. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV