Citi Trends Announces Second Quarter 2011 Results

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 [phone]. A replay of the conference call will be available until August 24, 2011, by dialing [phone] and entering the passcode, 21533196. The live broadcast of the 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 August 24, 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.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. After opening 4 stores thus far in August 2011, the Company currently operates 486 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 quarterly 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. Any forward-looking statements by the Company, with respect to earnings guidance or otherwise, are intended to speak only as of the date such statements are made. 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 OPERATIONS (unaudited)
(in thousands, except per share data)
			Thirteen Weeks Ended					Thirteen Weeks Ended
			July 30, 2011					July 31, 2010
			(unaudited)					(unaudited)
Net sales			$	130,233				$	129,042
Cost of sales				86,781					80,762
Gross profit				43,452					48,280
Selling, general and administrative expenses (1)				50,688					44,426
Depreciation and amortization				6,351					4,769
Asset impairment				1,609					-
Loss from operations				(15,196	)				(915	)
Interest income				65					44
Interest expense				(6	)				(5	)
Loss before income tax benefit				(15,137	)				(876	)
Income tax benefit				(5,106	)				(309	)
Net loss			$	(10,031	)			$	(567	)
Basic net loss per common share			$	(0.69	)			$	(0.04	)
Diluted net loss per common share			$	(0.69	)			$	(0.04	)
Weighted average shares used to compute basic net loss per share				14,596					14,515
Weighted average shares used to compute diluted net loss per share				14,596					14,515
			Twenty-Six Weeks Ended					Twenty-Six Weeks Ended
			July 30, 2011					July 31, 2010
			(unaudited)					(unaudited)
Net sales			$	319,401				$	310,448
Cost of sales				200,880					189,778
Gross profit				118,521					120,670
Selling, general and administrative expenses (1)				101,760					92,876
Depreciation and amortization				11,935					9,519
Asset impairment				1,609					-
Income from operations				3,217					18,275
Interest income				119					99
Interest expense				(10	)				(9	)
Income before income tax expense				3,326					18,365
Income tax expense				1,264					6,483
Net income			$	2,062				$	11,882
Basic net income per common share			$	0.14				$	0.82
Diluted net income per common share			$	0.14				$	0.82
Weighted average shares used to compute basic net income per share				14,575					14,486
Weighted average shares used to compute diluted net income per share				14,585					14,510
(1) Includes $615 of expenses incurred in connection with the closing of a distribution center.
CITI TRENDS, INC.
CONDENSED BALANCE SHEETS (unaudited)
(in thousands)
			July 30, 2011					July 31, 2010
			(unaudited)					(unaudited)
Assets:
Cash and cash equivalents			$	49,496				$	84,636
Short-term investment securities				-					3,148
Inventory				122,313					107,556
Prepaid and other current assets				17,846					16,742
Assets held for sale				1,415					-
Property and equipment, net				94,132					73,434
Long-term investment securities				19,968					-
Other noncurrent assets				4,671					4,849
Total assets			$	309,841				$	290,365
Liabilities and Stockholders' Equity:
Accounts payable			$	61,555				$	58,942
Accrued liabilities				27,179					24,685
Other current liabilities				1,669					1,909
Noncurrent liabilities				10,750					9,253
Total liabilities				101,153					94,789
Total stockholders' equity				208,688					195,576
Total liabilities and stockholders' equity			$	309,841				$	290,365

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