Citi Trends Announces Third Quarter 2016 Results

Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the third quarter of fiscal 2016.

Financial Highlights - Third quarter ended October 29, 2016

Total sales in the third quarter ended October 29, 2016 increased 1.1% to $160.7 million compared with $158.9 million in the third quarter ended October 31, 2015. Comparable store sales decreased 1.0% in the quarter.

Net loss was $(0.8) million, or $(0.06) per diluted share, in the third quarter of 2016 compared with net income of $0.6 million, or $0.04 per diluted share, in last year's third quarter. Selling, general and administrative expenses in last year's third quarter included a $0.9 million pretax benefit from a legal recovery, which had a positive impact on income per diluted share of $0.04 in the third quarter of 2015.

During this year's third quarter, the Company opened seven new stores, relocated or expanded three other stores and closed four stores.

Financial Highlights - First three quarters ended October 29, 2016

Total sales in the first three quarters of fiscal 2016 increased 0.4% to $509.7 million compared with $507.7 million in the same period of fiscal 2015. Comparable store sales decreased 1.6% in the first three quarters of this year.

Net income was $7.8 million, or $0.53 per diluted share, in the first three quarters of this year, compared with $12.1 million, or $0.79 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) 231-2910. A replay of the conference call will be available until November 29, 2016, by dialing (402) 977-9140 and entering the passcode, 21818614.

The live broadcast of Citi Trends' conference call will be available online at the Company's website, www.cititrends.com, under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred 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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