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TheStreet Open House

Citi Trends Announces Third Quarter 2012 Results

Stocks in this article: CTRN

Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the third quarter of fiscal 2012.

Financial Highlights – Third quarter ended October 27, 2012

Total sales in the third quarter ended October 27, 2012 increased 4.1% to $149.0 million compared with $143.1 million in the third quarter ended October 29, 2011. Comparable store sales increased 0.5%.

Net loss was $3.7 million, or $0.25 per diluted share, in the third quarter of fiscal 2012, compared with a net loss of $6.8 million, or $0.46 per diluted share, in the third quarter of fiscal 2011. Last 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. The severance expense had an adverse impact on loss per diluted share of $0.05 in the third quarter of fiscal 2011.

The Company opened one store and relocated or expanded two others in the third quarter of 2012, reaching a total store count of 513 at the end of the quarter.

Financial Highlights – First three quarters ended October 27, 2012

Total sales in the first three quarters of fiscal 2012 increased 3.6% to $479.0 million compared with $462.5 million in the same period of fiscal 2011. Comparable store sales decreased 3.1%. Net loss was $1.5 million, or $0.10 per diluted share, in the first three quarters of this year, compared with a net loss of $4.7 million, or $0.32 per diluted share, in last year’s first three quarters.

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) 231-2906. A replay of the conference call will be available until November 27, 2012, by dialing (402) 977-9140 and entering the passcode, 21602893. 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 November 27, 2012.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends after quarter-end. 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.

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