Home / Knowledge / News / Apparel/Garments / Sales rise marginally by 2.2% at Citi Trends in FY'13
Sales rise marginally by 2.2% at Citi Trends in FY'13
13
Feb '13
Citi Trends, Inc. reported unaudited sales 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 weeks ended February 2, 2013 compared to the 14 weeks ended February 4, 2012).

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.

For the year, total sales in the 53 weeks ended February 2, 2013 increased 2.2% to $654.7 million compared with $640.8 million in the 52 weeks ended January 28, 2012.

Ed Anderson, Chairman and Chief Executive Officer, commented, “While the sales results for the fourth quarter are disappointing, we continue to make very good progress in our turnaround efforts. There are several reasons for the disappointing sales in the fourth quarter and following is a fairly detailed explanation.”

Impact from Delayed Tax Refunds

Fourth quarter comparable store sales decreased 11.8%, comparing the 14 weeks ended February 2, 2013 to the 14 weeks ended February 4, 2012. The largest impact on the Company’s comparable store sales for the fourth quarter was the delay by the Internal Revenue Service of 2012 tax refunds.

The IRS moved back the date it would accept tax returns from January 13 a year ago to January 30 this year. As a result, all tax refund driven sales this year were pushed into fiscal 2013. In the last two weeks of fiscal January, sales dropped by over $16 million, most of which, we believe, was due to the delay in tax refunds. This alone impacted the fourth quarter comparable store sales by 7.5%. Sales for the first 12 weeks of the 14-week fourth quarter (November, December and the first three weeks of the five-week January) decreased 4.3%.

Although the year-end closing process is not complete, we expect to report a net loss of approximately $0.07 per diluted share for the fourth quarter, with the aforementioned $16 million decrease in sales during the last two weeks of January adversely impacting net loss per diluted share by approximately $0.35.

Mr. Anderson added, “Last week, we finally saw the beginnings of tax refund driven sales activity. Although we can’t quantify the impact, we are hopeful that this activity will help produce a successful first quarter of fiscal 2013.”

Must ReadView All

Textiles | On 22nd May 2017

GST to be biggest achievement of Modi govt: ASSOCHAM

Goods and Services Tax (GST) which is near a roll-out would be the...

Textiles | On 22nd May 2017

Maintaining NAFTA benefits is crucial: Cotton council

The US must remain a participant in a vibrant North American Free...

Apparel/Garments | On 22nd May 2017

Retailers ask Congress not to go for consumption tax

The National Retail Federation has asked US Congress to focus on...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

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