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Citi Trends Announces Fourth Quarter and Fiscal 2012 Results



  Citi Trends Announces Fourth Quarter and Fiscal 2012 Results

Business Wire

SAVANNAH, Ga. -- March 15, 2013

Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the fourth quarter
and fiscal year ended February 2, 2013.

The Company’s 2012 fiscal year contained 53 weeks compared with the
traditional 52 weeks in fiscal 2011. Accordingly, comparisons of total sales
for the fourth quarter and full year of fiscal 2012 to the same periods in
2011 are affected by an extra week of sales in 2012. However, for comparable
store sales, the Company is reporting on a comparable weeks basis (e.g. the 14
and 53 weeks ended February 2, 2013 compared with the 14 and 53 weeks ended
February 4, 2012).

Financial Highlights – 14-week fourth quarter ended February 2, 2013

Total sales in the 14-week quarter ended February 2, 2013 decreased 1.5% to
$175.7 million compared with $178.4 million in the 13-week quarter ended
January 28, 2012. The extra week contributed $8.8 million to total sales in
fiscal 2012. Fourth quarter comparable store sales decreased 11.8%, comparing
the 14 weeks ended February 2, 2013 with the 14 weeks ended February 4, 2012.

A net loss of $0.7 million, or $0.05 per diluted share, was recognized in the
fourth quarter of 2012 compared with a net loss of $5.3 million, or $0.36 per
diluted share, in last year’s fourth quarter.

Financial Highlights – 53-week fiscal year ended February 2, 2013

Total sales in the 53-week fiscal year ended February 2, 2013 increased 2.2%
to $654.7 million compared with $640.8 million in the 52-week fiscal year
ended January 28, 2012. Comparable store sales decreased 5.6%, comparing the
53 weeks ended February 2, 2013 with the 53 weeks ended February 4, 2012.

A net loss of $2.2 million, or $0.15 per diluted share, was recognized in
fiscal 2012 compared with a net loss of $10.0 million, or $0.69 per diluted
share, in fiscal 2011.

The Company opened 4 stores, relocated or expanded 4 others, and closed 2
stores in 2012.

Investor Conference Call and Webcast

Citi Trends will host a conference call today at 9:00 a.m. ET. The number to
call for the live interactive teleconference is (212) 231-2921. A replay of
the conference call will be available until March 22, 2013, by dialing
(402) 977-9140 and entering the passcode, 21645977.

The live broadcast of Citi Trends' quarterly conference call will be available
online at the Company's website, www.cititrends.com, as well as
http://ir.cititrends.com/events.cfm, beginning today at 9:00 a.m. ET. The
online replay will follow shortly after the call and continue until March 22,
2013.

During the conference call, the Company may discuss and answer questions
concerning business and financial developments and trends that have occurred
after year-end. The Company’s responses to questions, as well as other matters
discussed during the conference call, may contain or constitute information
that has not been disclosed previously.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and
accessories for the entire family. The Company operates 513 stores located in
29 states. Citi Trends’ website address is www.cititrends.com. CTRN-E

Forward-Looking Statements

All statements other than historical facts contained in this news release,
including statements regarding our future financial results and position,
business policy and plans and objectives of management for future operations,
are forward-looking statements that are subject to material risks and
uncertainties. The words "believe," "may," "could," "plans," "estimate,"
"continue," "anticipate," "intend," "expect" and similar expressions, as they
relate to Citi Trends, are intended to identify forward-looking statements.
Statements with respect to earnings guidance are forward-looking statements.
Investors are cautioned that any such forward-looking statements are subject
to the finalization of the Company’s year-end financial and accounting
procedures, are not guarantees of future performance or results and are
inherently subject to risks and uncertainties, some of which cannot be
predicted or quantified. Actual results or developments may differ materially
from those included in the forward-looking statements as a result of various
factors which are discussed in Citi Trends, Inc. filings with the Securities
and Exchange Commission. These risks and uncertainties include, but are not
limited to, uncertainties relating to economic conditions, growth risks,
consumer spending patterns, competition within the industry, competition in
our markets and the ability to anticipate and respond to fashion trends. Any
forward-looking statements by the Company, with respect to earnings guidance
or otherwise, are intended to speak only as of the date such statements are
made. Except as required by applicable law, including the securities laws of
the United States and the rules and regulations of the Securities and Exchange
Commission, Citi Trends does not undertake to publicly update any
forward-looking statements in this news release or with respect to matters
described herein, whether as a result of any new information, future events or
otherwise.

 
CITI TRENDS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
                                                         
                              Fourteen Weeks Ended        Thirteen Weeks Ended
                              February 2, 2013            January 28, 2012
                              (unaudited)                 (unaudited)
Net sales                     $      175,656              $    178,356
Cost of sales                        118,165                   124,532     
Gross profit                         57,491                    53,824
Selling, general and                 52,678                    52,206
administrative expenses
Depreciation and                     5,797                     6,569
amortization
Asset impairment                     517                       4,209       
Loss from operations                 (1,501      )             (9,160     )
Interest income                      66                        63
Interest expense                     (49         )             (52        )
Loss before income taxes             (1,484      )             (9,149     )
Income tax benefit                   (780        )             (3,834     )
Net loss                      $      (704        )        $    (5,315     )
                                                           
Basic net loss per common     $      (0.05       )        $    (0.36      )
share
Diluted net loss per          $      (0.05       )        $    (0.36      )
common share
                                                           
                                                           
Weighted average shares
used to compute basic net            14,699                    14,606      
loss per share
Weighted average shares
used to compute diluted              14,699                    14,606      
net loss per share
                                                           
                                                           
                              Fifty-Three Weeks Ended     Fifty-Two Weeks
                                                          Ended
                              February 2, 2013            January 28, 2012
                              (unaudited)                 (unaudited)
Net sales                     $      654,653              $    640,824
Cost of sales                        426,904                   420,321     
Gross profit                         227,749                   220,503
Selling, general and                 207,411                   207,025
administrative expenses
Depreciation and                     23,950                    24,958
amortization
Asset impairment                     1,177                     6,514       
Loss from operations                 (4,789      )             (17,994    )
Interest income                      260                       243
Interest expense                     (212        )             (79        )
Loss before income taxes             (4,741      )             (17,830    )
Income tax benefit                   (2,516      )             (7,816     )
Net loss                      $      (2,225      )        $    (10,014    )
                                                           
Basic net loss per common     $      (0.15       )        $    (0.69      )
share
Diluted net loss per          $      (0.15       )        $    (0.69      )
common share
                                                           
                                                           
Weighted average shares
used to compute basic net            14,672                    14,589      
loss per share
Weighted average shares
used to compute diluted              14,672                    14,589      
net loss per share
                                                           
                                                           

                                                             
CITI TRENDS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
                                                               
                                         February 2, 2013     January 28, 2012
                                         (unaudited)          (unaudited)
Assets:
Cash and cash equivalents                $     37,263         $     41,986
Short-term investment                          12,771               902
securities
Inventory                                      141,473              131,526
Other current assets                           19,285               28,961
Property and equipment, net                    70,995               90,541
Long-term investment                           5,754                18,840
securities
Other noncurrent assets                        4,604                2,021
Total assets                             $     292,145        $     314,777
                                                               
Liabilities and
Stockholders' Equity:
Accounts payable                         $     62,690         $     78,941
Accrued liabilities                            22,564               26,074
Other current liabilities                      660                  603
Noncurrent liabilities                         10,260               12,756
Total liabilities                              96,174               118,374
                                                               
Total stockholders' equity                     195,971              196,403
Total liabilities and                    $     292,145        $     314,777
stockholders' equity

Contact:

Citi Trends, Inc.
Bruce Smith, 912-443-2075
Chief Financial Officer
or
Ed Anderson, 912-443-3705
Chairman & Chief Executive Officer
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