Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the fourth quarter and fiscal year ended February 2, 2013.
The Company’s 2012 fiscal year contained 53 weeks compared with the traditional 52 weeks in fiscal 2011. Accordingly, comparisons of total sales for the fourth quarter and full year of fiscal 2012 to the same periods in 2011 are affected by an extra week of sales in 2012. However, for comparable store sales, the Company is reporting on a comparable weeks basis (e.g. the 14 and 53 weeks ended February 2, 2013 compared with the 14 and 53 weeks ended February 4, 2012).
Financial Highlights – 14-week fourth quarter ended February 2, 2013
Total sales in the 14-week quarter ended February 2, 2013 decreased 1.5% to $175.7 million compared with $178.4 million in the 13-week quarter ended January 28, 2012. The extra week contributed $8.8 million to total sales in fiscal 2012. Fourth quarter comparable store sales decreased 11.8%, comparing the 14 weeks ended February 2, 2013 with the 14 weeks ended February 4, 2012.A net loss of $0.7 million, or $0.05 per diluted share, was recognized in the fourth quarter of 2012 compared with a net loss of $5.3 million, or $0.36 per diluted share, in last year’s fourth quarter. Financial Highlights – 53-week fiscal year ended February 2, 2013 Total sales in the 53-week fiscal year ended February 2, 2013 increased 2.2% to $654.7 million compared with $640.8 million in the 52-week fiscal year ended January 28, 2012. Comparable store sales decreased 5.6%, comparing the 53 weeks ended February 2, 2013 with the 53 weeks ended February 4, 2012. A net loss of $2.2 million, or $0.15 per diluted share, was recognized in fiscal 2012 compared with a net loss of $10.0 million, or $0.69 per diluted share, in fiscal 2011.
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