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Citi Trends posts Q2 2010 results

19 Aug '10

2 min read

Citi Trends, Inc. reported results for the second quarter of fiscal 2010.

Financial Highlights - Second quarter ended July 31, 2010
Total sales in the second quarter ended July 31, 2010 increased 15.6% to $129.0 million compared with $111.6 million in the second quarter ended August 1, 2009. Comparable store sales decreased 0.6% in the second quarter.

A net loss of $567,000 was recognized in this year's second quarter compared with a net loss of $69,000 in the second quarter of 2009. Last year's second quarter included an unrealized pretax gain of $671,000 related to auction rate securities held at that time. Loss per diluted share was $(0.04) in the second quarter of 2010 compared with loss per diluted share of $(0.00) in the second quarter of 2009.

Store activity in the second quarter of 2010, included five new openings and two expansions, resulting in a total store count of 425 at the end of the quarter.

Financial Highlights - First half ended July 31, 2010
Total sales in the first half of fiscal 2010 increased 21.9% to $310.4 million compared with $254.7 million in the first half of fiscal 2009. Comparable store sales increased 5.1% in the first half of this year. Net income increased 51.2% to $11.9 million compared with $7.9 million in last year's first half. Earnings per diluted share were $0.82 in the first half of 2010 compared with $0.54 in 2009's first half.

Fiscal 2010 Outlook
The Company estimates that 2010 earnings will be in a range of $1.60 to $1.70 per diluted share which includes an anticipated comparable store sales increase of flat to 2% in the last half of 2010. For the full 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. After opening 4 stores thus far in August 2010, the Company currently operates 429 stores located in 25 states in the Southeast, Mid-Atlantic and Midwest regions and the states of Texas and California.

Citi Trends Inc

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