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Citi Trends net income falls in Q2

30 Aug '07
3 min read

Financial Highlights - 26 weeks ended August 4, 2007:
Total net sales increased 21.1% to $203.4 million compared with $168.0 million in the 26-week period ended July 29, 2006. Comparable store sales increased 1.9% on a comparable store, comparable week basis and 2.3% on a fiscal basis.

Net income decreased to $6,349,000 compared with $8,170,000 in last year's first half. Net income per diluted share decreased to $0.45, including $0.04 of expense related to a secondary stock offering, compared with $0.58 in the prior year period.

Fiscal 2007 Outlook:
The Company is lowering its estimate of 2007 earnings to a range of $1.40 to $1.44 per diluted share. This guidance, which includes the secondary stock offering expense of $0.04, is based upon an anticipated 2007 comparable store sales increase of 3% to 4% on a comparable week basis and flat on a fiscal basis.

For the year, the Company expects to increase selling square footage by at least 20%, consistent with the Company's previously issued guidance.

Citi Trends Inc

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