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Citi Trends Comparable store sales drop in Q4

12
Mar '12
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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