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Citi Trends announces third quarter 2010 results
23
Nov '10
Citi Trends Inc reported results for the third quarter of fiscal 2010.

Financial Highlights – Third quarter ended October 30, 2010
Total sales in the third quarter ended October 30, 2010 increased 10.0% to $140.0 million compared with $127.4 million in the third quarter ended October 31, 2009. Comparable store sales decreased 4.2% in the third quarter.

A net loss of $394,000 was recognized in this year's third quarter compared with net income of $606,000 in the third quarter of 2009. Loss per diluted share was $(0.03) in the third quarter of 2010 compared with earnings per diluted share of $0.04 in the third quarter of 2009.

Store activity in the third quarter of 2010 included 33 new openings and 5 relocations/expansions, resulting in a total store count of 458 at the end of the quarter.

Financial Highlights – First three quarters ended October 30, 2010
Total sales in the first three quarters of fiscal 2010 increased 17.9% to $450.5 million compared with $382.1 million in the same period of fiscal 2009. Comparable store sales increased 2.2% in the first three quarters of this year. Net income increased 35.7% to $11.5 million compared with $8.5 million in last year's first three quarters. Earnings per diluted share increased to $0.79 in the first three quarters of 2010 compared with $0.58 in the same period of 2009.

Fiscal 2010 Outlook
The Company estimates that 2010 earnings will be in a range of $1.50 to $1.60 per diluted share which includes an anticipated comparable store sales decrease of 1% to 4% in the fourth quarter of 2010. The effective tax rate for 2010 is expected to be in a range of 34% to 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


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