Home / Knowledge / News / Apparel/Garments / Citi Trends expects to increase selling square footage by 15%
Citi Trends expects to increase selling square footage by 15%
26
May '09
Citi Trends Inc reported record first quarter sales and earnings.

Financial Highlights – First quarter ended May 2, 2009
Total sales in the first quarter ended May 2, 2009 increased 18.3% to $143.1 million compared with $121.0 million in the first quarter ended May 3, 2008. Comparable store sales increased 7.4% in the first quarter. Net income was $7.9 million compared with $5.2 million in last year's first quarter. Earnings per diluted share increased to $0.54 in the first quarter of 2009 compared with $0.36 in the first quarter of 2008.

Earnings in the first quarter of 2009 benefited from the 7.4% increase in comparable store sales, together with a higher gross margin that was a result of lower freight costs as a percentage of sales, continued efforts to reduce inventory shrinkage, a slightly higher initial merchandise mark-up, and lower markdowns due to tight inventory control.

The Company opened 8 stores and relocated or expanded 4 others in the first quarter of 2009, reaching a total store count of 365 at the end of the quarter.

Fiscal 2009 Outlook
The Company is raising its 2009 earnings estimate to approximately $1.33 per diluted share which includes an anticipated 2009 comparable store sales increase of approximately 3%. For the year, the Company expects to increase selling square footage by at least 15%. The effective tax rate for 2009 is estimated to be in a range of 34% to 35%.

The earnings estimate includes the first quarter impact of an unrealized loss of $728,000, or $0.03 per diluted share, related to the valuation of the Company's investments in auction rate securities. In addition, the estimate reflects a negative impact of $0.03 per diluted share associated with the adoption of FASB Staff Position EITF 03-6-1 as it relates to the allocation of earnings per share to nonvested shares of restricted stock.

Citi Trends Inc

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Govt should improve ease of doing business: ASSOCHAM

The government needs to continuously invest in improving the ease of...

Fashion | On 20th Feb 2017

South Korea’s fashion industry to grow 3.3% in 2017

The South Korean fashion industry is expected to grow by 3.3 per cent ...

Interviews View All

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Mark Paterson
Technical Absorbents Ltd

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner
Devereux

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

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search