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Citi Trends announces first quarter 2011 results
19 May '11
2 min read
Citi Trends Inc reported results for the first quarter of fiscal 2011.
Financial Highlights — First quarter ended April 30, 2011
Total sales in the first quarter ended April 30, 2011 increased 4.3% to $189.2 million compared with $181.4 million in the first quarter ended May 1, 2010. Comparable store sales decreased 6.9%, after increasing 9.6% in last year's first quarter. Net income was $12.1 million, or $0.83 per diluted share, in the first quarter of 2011, compared with $12.4 million, or $0.86 per diluted share, in last year's first quarter.
The Company opened 15 stores, relocated or expanded 5 others, and closed 3 stores in the first quarter of 2011, reaching a total store count of 473 at the end of the quarter.
Fiscal 2011 Outlook
The Company estimates that 2011 earnings will be in a range of approximately $1.25 to $1.35 per diluted share. This estimate assumes that comparable store sales will be down 1% to 2% for the full year, including a 1% to 2% increase in the last three quarters of the year. Additionally, in 2011 the Company expects to increase selling square footage by at least 15% and expects its effective tax rate to be in a range of 34% to 35%.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operated 473 stores located in 27 states as of the end of the first quarter of fiscal 2011.
Financial Highlights — First quarter ended April 30, 2011
Total sales in the first quarter ended April 30, 2011 increased 4.3% to $189.2 million compared with $181.4 million in the first quarter ended May 1, 2010. Comparable store sales decreased 6.9%, after increasing 9.6% in last year's first quarter. Net income was $12.1 million, or $0.83 per diluted share, in the first quarter of 2011, compared with $12.4 million, or $0.86 per diluted share, in last year's first quarter.
The Company opened 15 stores, relocated or expanded 5 others, and closed 3 stores in the first quarter of 2011, reaching a total store count of 473 at the end of the quarter.
Fiscal 2011 Outlook
The Company estimates that 2011 earnings will be in a range of approximately $1.25 to $1.35 per diluted share. This estimate assumes that comparable store sales will be down 1% to 2% for the full year, including a 1% to 2% increase in the last three quarters of the year. Additionally, in 2011 the Company expects to increase selling square footage by at least 15% and expects its effective tax rate to be in a range of 34% to 35%.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operated 473 stores located in 27 states as of the end of the first quarter of fiscal 2011.
Citi Trends Inc
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