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Citi Trends reports results for Q2 ended Aug 2

21
Aug '08
Citi Trends Inc reported results for the second quarter ended August 2, 2008.

Financial Highlights - Second quarter ended August 2, 2008:
Total sales in the second quarter ended August 2, 2008 increased 19.5% to $115.7 million compared with $96.8 million in the second quarter ended August 4, 2007. Comparable store sales increased 6.5% in the second quarter.

Net income was $2.8 million compared with $0.6 million in last year's second quarter. Earnings per diluted share was $0.20 in the second quarter of 2008 compared with $0.04 in 2007 which included $0.03 of expense related to a 2007 secondary stock offering.

Earnings were higher in this year's second quarter due primarily to the increase in comparable store sales, which benefited from the government stimulus checks, together with an improvement in gross margin due to lower merchandise markdowns and inventory shrinkage.

The Company's efforts to improve its management of inventory levels led to fewer markdowns than in last year's second quarter, while the increased focus on controlling inventory shrinkage over the past year has contributed to a decline in that cost.

The Company opened 4 stores and relocated or expanded 2 others in the second quarter of 2008, reaching a total store count of 335 at the end of the quarter.

Financial Highlights - First half ended August 2, 2008:
Total sales in the first half of fiscal year 2008 increased 16.4% to $236.7 million compared with $203.4 million in the first half of fiscal year 2007. Comparable store sales increased 3.2% in the first half of this year.

Net income was $8.0 million compared with $6.3 million in last year's first half. Earnings per diluted share was $0.56 in the first half of 2008 compared with $0.45 in 2007 which included $0.04 of expense related to a 2007 secondary stock offering.

Fiscal 2008 Outlook:
The Company is maintaining its estimate of 2008 earnings in a range of $1.10 to $1.15 per diluted share. This guidance is based upon an anticipated 2008 comparable store sales increase of 1% to 2%. For the year, the Company expects to increase selling square footage by approximately 15%. The effective tax rate for 2008 is estimated to approximate 33%.

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. See "Forward-Looking Statements" below for more information regarding these uncertainties.

Citi Trends Inc


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