Citi Trends Comparable store sales drop in Q4

12 Mar '12

2 min read

Citi Trends Inc. reported results for the fourth quarter and fiscal year ended January 28, 2012.

Total sales in the fourth quarter ended January 28, 2012 increased 3.7% to $178.4 million compared with $172.0 million in the quarter ended January 29, 2011. Comparable store sales decreased 6.2% in the fourth quarter.

A net loss of $5.3 million, or $0.36 per diluted share, was recognized in the fourth quarter of 2011 compared with net income of $9.4 million, or $0.64 per diluted share, in last year's fourth quarter. The loss in the fourth quarter of 2011 includes non-cash asset impairment expense totaling $0.18 per diluted share.

The Company opened 5 stores and closed 1 store in the fourth quarter of 2011, reaching a total store count of 511 at the end of the year.

Total sales in the fiscal year ended January 28, 2012 increased 2.9% to $640.8 million compared with $622.5 million in the fiscal year ended January 29, 2011. Comparable store sales decreased 8.3% for the full year.

A net loss of $10.0 million, or $0.69 per diluted share, was recognized in fiscal 2011 compared with net income of $20.9 million, or $1.44 per diluted share, in fiscal 2010.

The net loss in 2011 includes non-cash asset impairment expense totaling $0.27 per diluted share. The Company opened 55 stores, relocated or expanded 14 others, and closed 5 stores in 2011.

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 511 stores located in 29 states.

Citi Trends Inc

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