Citi Trends, Inc. reported first quarter sales and earnings that, in addition to being first quarter records, were records for any quarter in the Company's history.
Financial Highlights - First quarter ended May 1, 2010 Total sales in the first quarter ended May 1, 2010 increased 26.8% to $181.4 million compared with $143.1 million in the first quarter ended May 2, 2009. Comparable store sales increased 9.6% in the first quarter of 2010 after a 7.4% increase in last year's first quarter. Net income was $12.4 million compared with $7.9 million in last year's first quarter. Earnings per diluted share increased 59.3% to $0.86 in the first quarter of 2010 compared with $0.54 in the first quarter of 2009.
The Company opened 19 stores, relocated or expanded 5 others, and closed 2 stores in the first quarter of 2010, reaching a total store count of 420 at the end of the quarter. Fiscal 2010 Outlook
The Company is raising its 2010 earnings estimate to a range of approximately $1.75 to $1.80 per diluted share which includes an anticipated 2010 comparable store sales increase of approximately 4% to 5%. For the year, the Company expects to increase selling square footage by at least 15%. The effective tax rate for 2010 is estimated to approximate 35%.
The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 420 stores located in 24 states in the Southeast, Mid-Atlantic and Midwest regions and the states of Texas and California.
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
