Citi Trends Announces Second Quarter 2008 Results.Second quarter net income increased to $2.8 million from $0.6 million last year Second quarter sales increased 19.5%; comparable store sales increased 6.5% SAVANNAH Savannah, city, United States Savannah, city (1990 pop. 137,560), seat of Chatham co., SE Ga., a port of entry on the Savannah River near its mouth; inc. 1789. , Ga. -- Citi Trends, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CTRN CTRN Colorado Technical Recruiters Network CTRN Can't Talk Right Now CTRN Certified Transport Registered Nurse CTRN Change That's Right Now, Inc (New York, NY phobia clinic) ) today 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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. 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 stimulus /stim·u·lus/ (stim´u-lus) pl. stim´uli [L.] any agent, act, or influence which produces functional or trophic reaction in a receptor or an irritable tissue. checks, together with an improvement in gross margin due to lower merchandise markdowns and inventory shrinkage Shrinkage The amount by which inventory on hand is shorter than the amount of inventory recorded. Notes: The missing inventory could be due to theft, damage, or book keeping errors. . 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 re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. 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 ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " below for more information regarding these uncertainties. Investor Conference Call and Webcast Citi Trends will host a conference call today at 5:00 p.m. ET. The number to call for the live interactive teleconference is (303) 262-2143. A replay of the conference call will be available until August 27, 2008, by dialing (303) 590-3000 and entering the passcode, 11113317#. 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/medialist.cfm, beginning today at 5:00 p.m. ET. The online replay will follow shortly after the call and continue until August 27, 2008. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends. 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 currently operates 336 stores located in 21 states in the Southeast, Mid-Atlantic Adj. 1. mid-Atlantic - of a region of the United States generally including Delaware; Maryland; Virginia; and usually New York; Pennsylvania; New Jersey; "mid-Atlantic states" middle Atlantic and Midwest Midwest or Middle West, region of the United States centered on the western Great Lakes and the upper-middle Mississippi valley. It is a somewhat imprecise term that has been applied to the northern section of the land between the Appalachians regions and the state of Texas. 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 Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc economic conditions, growth risks, consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. patterns, competition within the industry, competition in our markets and the ability to anticipate and respond to fashion trends. Except as required by applicable law, including the securities laws of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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