Back-to-school season strongly supports Citi Trends
24 Nov '09
2 min read
Citi Trends, Inc. reported results for the third quarter of fiscal 2009.
Financial Highlights – Third quarter ended October 31, 2009
Total sales in the third quarter ended October 31, 2009 increased 21.4% to $127.4 million compared with $104.9 million in the third quarter ended November 1, 2008. Comparable store sales increased 6.3% in the third quarter. Net income was $606,000 in this year's third quarter compared with a net loss of $687,000 in the third quarter of 2008. Earnings per diluted share were $0.04 in the third quarter of 2009 compared with a loss per diluted share of $(0.05) in the third quarter of 2008.
Sales and earnings in this year's third quarter benefited from a strong back-to-school season and a favorable comparison to last year's third quarter which was impacted by less discretionary spending by consumers on apparel due to abnormally high gasoline and food prices.
Store activity in the third quarter of 2009 included twenty-two new openings and five expansions, resulting in a total store count of 392 at the end of the quarter.
Financial Highlights – First three quarters ended October 31, 2009
Total sales in the first three quarters of fiscal 2009 increased 11.8% to $382.1 million compared with $341.6 million in the same period of fiscal 2008. Comparable store sales increased 0.4% in the first three quarters of this year. Net income increased 15.5% to $8.5 million compared with $7.3 million in last year's first three quarters. Earnings per diluted share increased 13.7% to $0.58 in the first three quarters of 2009 compared with $0.51 in the same period of 2008.
Fiscal 2009 Outlook
The Company estimates that 2009 earnings will be in a range of $1.30 to $1.35 per diluted share. This guidance is based upon an anticipated comparable store sales increase of 1% to 3% in the fourth quarter, an increase of approximately 15% in selling square footage for the year, and an effective tax rate for 2009 of approximately 34%.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. After opening 11 stores thus far in November 2009, the Company currently operates 403 stores located in 24 states in the Southeast, Mid-Atlantic and Midwest regions and the states of Texas and California.
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