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, www.cititrends.com, as well as
http://www.cititrends.com/http/ircititrendscom, 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 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 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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