United States Of America : Sales rise marginally at Citi Trends in H1 FY'12

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Sales rise marginally at Citi Trends in H1 FY'12

15
Aug '12

Citi Trends Inc. reported results for the second quarter of fiscal 2012.

Financial Highlights – Second quarter ended July 28, 2012

Total sales in the second quarter ended July 28, 2012 increased 1.6% to $132.3 million compared with $130.2 million in the second quarter ended July 30, 2011. Comparable store sales decreased 4.0% in the second quarter.

Net loss was $7.9 million, or $0.54 per diluted share, in the second quarter of 2012, compared with a net loss of $10.0 million, or $0.69 per diluted share, in the second quarter of 2011. Last year’s second quarter included $1.6 million of non-cash impairment expense related to the property and equipment at 21 underperforming stores, resulting in an adverse impact on loss per diluted share of $0.07.

The Company opened one store in the second quarter of 2012, resulting in a total store count of 512 at the end of the quarter.

Financial Highlights – First half ended July 28, 2012

Total sales in the first half of fiscal 2012 increased 3.3% to $330.0 million compared with $319.4 million in the first half of fiscal 2011. Comparable store sales decreased 4.6% in the first half of this year.

Net income increased to $2.2 million compared with $2.1 million in last year’s first half. Earnings per diluted share were $0.15 in the first half of 2012 compared with $0.14 in 2011’s first half.

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operated 512 stores located in 29 states as of the end of the second quarter of 2012.

Citi Trends Inc.

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