Home / Knowledge / News / Apparel/Garments / Citi Trends raises its 2010 earnings estimate
Citi Trends raises its 2010 earnings estimate
20
May '10
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.

Citi Trends Inc


Must ReadView All

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Silke Brand-Kirsch
Schlegel und Partner

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Sanjukta Dutta
Sanjukta's Studio

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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:
June 2017

June 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