Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the second quarter of fiscal 2011.
Financial Highlights – Second quarter ended July 30, 2011
Total sales in the second quarter ended July 30, 2011 increased 0.9% to $130.2 million compared with $129.0 million in the second quarter ended July 31, 2010. Comparable store sales decreased 11.9% in this year’s second quarter.
Net loss was $10.0 million, or $0.69 per diluted share, in the second quarter of 2011, compared with a net loss of $0.6 million, or $0.04 per diluted share, in last year’s second quarter. The increase in this year’s net loss was a result of the negative comparable store sales and a related need to take clearance markdowns. In addition, non-cash impairment expense totaling $1.6 million was recorded in the second quarter of 2011 related to the property and equipment at 21 underperforming stores, and selling, general and administrative expenses include $0.6 million of expenses incurred in connection with the previously announced closing of the Savannah, Georgia distribution center.
The Company opened 9 stores, and relocated or expanded 4 others in the second quarter of 2011, reaching a total store count of 482 at the end of the quarter. In addition, 10 stores were converted to the new Citi Lights format in the quarter.
Financial Highlights – First half ended July 30, 2011
Total sales in the first half of fiscal 2011 increased 2.9% to $319.4 million compared with $310.4 million in the first half of fiscal 2010. Comparable store sales decreased 8.9% in the first half of this year. Net income decreased to $2.1 million compared with $11.9 million in last year’s first half. Earnings per diluted share were $0.14 in the first half of 2011 compared with $0.82 in 2010’s first half.