Home / Knowledge / News / Apparel/Garments / Citi Trends announces Q4 & fiscal 2009 results
Citi Trends announces Q4 & fiscal 2009 results
15
Mar '10
Citi Trends Inc reported results for the fourth quarter and fiscal year ended January 30, 2010.

• Fourth quarter net income increased 11.9% to $11.3 million
• Fiscal 2009 net income increased 13.4% to $19.7 million
• Fiscal 2010 earnings guidance of approximately $1.60 to $1.65 per share

Financial Highlights – Fourth quarter ended January 30, 2010

Total sales in the fourth quarter ended January 30, 2010 increased 15.8% to $169.8 million compared with $146.6 million in the quarter ended January 31, 2009. Comparable store sales increased 1.2% in the fourth quarter.

Income from operations in the fourth quarter increased 18.4% to $16.8 million in 2009 compared with $14.2 million in 2008. As a percentage of sales, income from operations in the quarter increased to 9.9% in 2009 from 9.7% in 2008. Net income in the fourth quarter of 2009 increased 11.9% to $11.3 million compared with $10.1 million in last year's fourth quarter. Earnings per diluted share increased to $0.78 in the fourth quarter of 2009 compared with $0.69 in the fourth quarter of 2008.

The Company opened 11 stores in the fourth quarter of 2009, reaching a total store count of 403 at the end of the year.

Financial Highlights – Fiscal year ended January 30, 2010

Total sales in the fiscal year ended January 30, 2010 increased 13.0% to $551.9 million compared with $488.2 million in the fiscal year ended January 31, 2009. Comparable store sales increased 0.6% for the full year.

Income from operations increased 27.4% to $29.4 million in 2009 compared with $23.1 million in 2008. As a percentage of sales, income from operations increased to 5.3% in 2009 from 4.7% in 2008. Net income increased 13.4% to $19.7 million in 2009 compared with $17.4 million in the prior year. Earnings per diluted share increased to $1.36 in 2009 compared with $1.20 in 2008. Income from operations increased at a higher rate than net income throughout 2009 due to the effect on net income of a declining interest rate environment which caused a reduction in tax-free interest income and a related increase in the effective income tax rate.

The Company opened 49 stores, relocated or expanded 11 others, and closed 3 stores in 2009.

Fiscal 2010 Outlook – Fiscal year ending January 29, 2011

The Company estimates 2010 earnings of approximately $1.60 to $1.65 per diluted share. This guidance includes an anticipated 2010 comparable store sales increase of approximately 3% to 4%. For the year, the Company expects to increase selling square footage by at least 15%.

Fiscal 2010 is off to a strong start with comparable store sales increasing more than 10% during the first five-plus weeks of the year in addition to a 14% increase during the same period of time last year. The Company attributes the strong sales thus far in the first quarter to be primarily a result of our customers receiving their tax refunds later this year. Additionally, and importantly, our spring merchandise assortment has resonated well with our customers.

Citi Trends Inc

Must ReadView All

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Evelyne Cholet
UCMTF

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

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

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...

Silke Brand-Kirsch
Schlegel und Partner

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

Ritu Kumar
Label Ritu Kumar

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

Jay Ramrakhiani
Occasions Elegance Wear

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

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

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:
April 2017

April 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



X