Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the third quarter of fiscal 2011.
Financial Highlights – Third quarter ended October 29, 2011
Total sales in the third quarter ended October 29, 2011 increased 2.2% to $143.1 million compared with $140.0 million in the third quarter ended October 30, 2010. Comparable store sales decreased 9.3%.
Net loss was $6.8 million, or $0.46 per diluted share, in the third quarter of 2011, compared with a net loss of $0.4 million, or $0.03 per diluted share, in last year’s third quarter. The increase in this year’s quarterly loss was primarily a result of the negative comparable store sales and a related need to take clearance markdowns. In addition, this year’s third quarter was affected by severance costs of $1.2 million, incurred primarily in connection with the elimination of 40 positions in the Company’s corporate offices, distribution centers and store organization, and $0.7 million of non-cash impairment expense related to the property and equipment at nine underperforming stores. The severance and impairment expenses had an adverse impact on loss per diluted share of $0.08 in the third quarter of 2011.The Company opened 26 stores, relocated or expanded 4 others and closed 1 store in the third quarter of 2011, reaching a total store count of 507 at the end of the quarter. Financial Highlights – First three quarters ended October 29, 2011 Total sales in the first three quarters of fiscal 2011 increased 2.7% to $462.5 million compared with $450.5 million in the same period of fiscal 2010. Comparable store sales decreased 9.1%. Net loss was $4.7 million, or $0.32 per diluted share, in the first three quarters of 2011, compared with net income of $11.5 million, or $0.79 per diluted share, in last year’s first three quarters. Year-to-date results include the aforementioned severance costs and impairment expense in the third quarter and $1.6 million of impairment expense and $0.6 million of costs incurred in connection with the closing of the Company’s Savannah, Georgia distribution center in the second quarter of 2011. Such expenses in the second and third quarters had an adverse impact on loss per diluted share of $0.17 in the first three quarters of 2011.
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