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Citi Trends posts smart turnaround in Q4 FY’14 net income

March 14, 2014 (United States Of America)

Citi Trends, Inc. reported results for the fourth quarter and fiscal year ended February 1, 2014. 
The Company's 2013 fiscal year contained 52 weeks, while the 2012 fiscal year contained 53 weeks. 
 
Accordingly, comparisons of results for the fourth quarter and full year of fiscal 2013 to the same periods in 2012 are affected by an extra week in 2012. 
 
Financial Highlights - 13-week fourth quarter ended February 1, 2014 
Total sales in the 13 weeks ended February 1, 2014 decreased 10.5% to $157.2 million compared with $175.7 million in the 14 weeks ended February 2, 2013, with the extra week at the beginning of fiscal 2012's fourth quarter contributing approximately $12 million to total sales. 
 
For comparable store sales, the Company is reporting on a comparable weeks basis (i.e. the 13 weeks ended February 1, 2014 compared to the 13 weeks ended February 2, 2013). Comparable store sales on a comparable weeks basis decreased 3.5% for the quarter. 
 
The Company had net income of $1.5 million, or $0.10 per diluted share, in the fourth quarter of 2013 compared with a net loss of $0.7 million, or $0.05 per diluted share, in last year's fourth quarter. 
 
Financial Highlights - 52-week fiscal year ended February 1, 2014 
Total sales in the 52 weeks ended February 1, 2014 decreased 5.0% to $622.2 million compared with $654.7 million in the 53 weeks ended February 2, 2013, with the extra week at the beginning of last year contributing approximately $21 million. 
 
For comparable store sales, the Company is reporting on a comparable weeks basis (i.e. the 52 weeks ended February 1, 2014 compared to the 52 weeks ended February 2, 2013). Comparable store sales on a comparable weeks basis decreased 1.6% for the year. 
 
The Company had net income of $0.5 million, or $0.03 per diluted share, in fiscal 2013 compared with a net loss of $2.2 million, or $0.15 per diluted share, in fiscal 2012. 
 
The Company opened one store, relocated or expanded six others, and closed nine stores in 2013.
 

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