Home / Knowledge / News / Apparel/Garments / Same-store sales drop at Citi Trends
Same-store sales drop at Citi Trends
18
Aug '11
Citi Trends Inc reported results for the second quarter of fiscal 2011.

Financial Highlights – Second quarter ended July 30, 2011

Total sales in the second quarter ended July 30, 2011 increased 0.9% to $130.2 million compared with $129.0 million in the second quarter ended July 31, 2010. Comparable store sales decreased 11.9% in this year's second quarter.

Net loss was $10.0 million, or $0.69 per diluted share, in the second quarter of 2011, compared with a net loss of $0.6 million, or $0.04 per diluted share, in last year's second quarter. The increase in this year's net loss was a result of the negative comparable store sales and a related need to take clearance markdowns. In addition, non-cash impairment expense totaling $1.6 million was recorded in the second quarter of 2011 related to the property and equipment at 21 underperforming stores, and selling, general and administrative expenses include $0.6 million of expenses incurred in connection with the previously announced closing of the Savannah, Georgia distribution center.

The Company opened 9 stores, and relocated or expanded 4 others in the second quarter of 2011, reaching a total store count of 482 at the end of the quarter. In addition, 10 stores were converted to the new Citi Lights format in the quarter.

Financial Highlights – First half ended July 30, 2011

Total sales in the first half of fiscal 2011 increased 2.9% to $319.4 million compared with $310.4 million in the first half of fiscal 2010. Comparable store sales decreased 8.9% in the first half of this year. Net income decreased to $2.1 million compared with $11.9 million in last year's first half. Earnings per diluted share were $0.14 in the first half of 2011 compared with $0.82 in 2010's first half.

Citi Trends Inc is a value-priced retailer of urban fashion apparel and accessories for the entire family. After opening 4 stores thus far in August 2011, the Company currently operates 486 stores located in 27 states.

Citi Trends Inc

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search