Citi Trends Announces First Quarter 2014 Results

  Citi Trends Announces First Quarter 2014 Results   First quarter 2014 earnings per share of $0.61 compared with $0.42 last year              Comparable store sales increased 4.2% in first quarter  Business Wire  SAVANNAH, Ga. -- May 21, 2014  Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the first quarter of fiscal 2014.  Financial Highlights – First quarter ended May 3, 2014  Total sales in the first quarter ended May 3, 2014 increased 3.4% to $188.0 million compared with $181.8 million in the first quarter ended May 4, 2013. Comparable store sales increased 4.2% in the quarter.  The Company had net income of $9.1 million, or $0.61 per diluted share, in the first quarter of 2014 compared with $6.2 million, or $0.42 per diluted share, in last year’s first quarter.  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)231-2908. A replay of the conference call will be available until May 28, 2014, by dialing (402)977-9140 and entering the passcode, 21705726.  The live broadcast of Citi Trends' conference call will be available online at the Company's website,, as well as, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.  During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-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 505 stores located in 29 states. Citi Trends’ website address is 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 quarterly 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 INCOME (unaudited) (in thousands, except per share data)                                                                                                                                                Thirteen Weeks Ended       Thirteen Weeks Ended                                May 3, 2014                May 4, 2013                                (unaudited)                (unaudited) Net sales                      $    188,016               $    181,828                                                            Cost of sales (exclusive of depreciation shown               (114,767    )              (114,505    ) separately below) Selling, general and                (53,975     )              (51,908     ) administrative expenses Depreciation                        (5,160      )              (5,595      ) Asset impairment                   -                        (27         ) Income from operations              14,114                     9,793 Interest income                     53                         68 Interest expense                   (48         )             (47         ) Income before income taxes          14,119                     9,814 Income tax expense                 5,040                    3,650        Net income                     $    9,079                $    6,164                                                                                                                              Basic net income per           $    0.61                 $    0.42         common share Diluted net income per         $    0.61                 $    0.42         common share                                                                                                                       Weighted average shares used to compute basic net          14,901                   14,752       income per share Weighted average shares used to compute diluted            14,902                   14,753       net income per share                                                                                                                                                                                                                                                                                                        CITI TRENDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands)                                                                                           May 3, 2014                May 4, 2013                                (unaudited)                (unaudited) Assets: Cash and cash equivalents      $    81,433                $    64,065 Short-term investment               7,345                      16,249 securities Inventory                           112,720                    108,509 Prepaid and other current           16,885                     17,269 assets Property and equipment,             52,960                     69,202 net Long-term investment                19,096                     1,769 securities Other noncurrent assets            7,483                    4,575        Total assets                   $    297,922              $    281,638                                                                 Liabilities and Stockholders' Equity: Accounts payable               $    51,603                $    40,498 Accrued liabilities                 26,210                     26,325 Other current liabilities           5,158                      3,101 Noncurrent liabilities             6,814                    9,513        Total liabilities                   89,785                     79,437                                                            Total stockholders' equity         208,137                  202,201      Total liabilities and          $    297,922              $    281,638      stockholders' equity  Contact:  Citi Trends Bruce Smith, 912-443-2075 Chief Financial Officer or Ed Anderson, 912-443-3705 Chairman & Chief Executive Officer  
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