Citi Trends, Inc. reported results for the first quarter of fiscal 2013.
Financial Highlights – First quarter ended May 4, 2013
Total sales in the first quarter ended May 4, 2013 decreased 8.0% to $181.8 million compared with $197.7 million in the first quarter ended April 28, 2012. Comparable store sales decreased 4.1% in the first quarter on a comparable weeks basis. Net income was $6.2 million, or $0.42 per diluted share, in the first quarter of 2013, compared with $10.1 million, or $0.69 per diluted share, in last year’s first quarter.
Ed Anderson, Chairman and Chief Executive Officer, commented, “Our first quarter began slowly, but sales started to improve once the weather turned warm after Easter. Comparable store sales on a comparable weeks basis were down 7% in February and 8% in March, before increasing 9% in April. In addition, comparable store sales are up 2% in the first two weeks of the second quarter.”
Each year, the Company’s stores are closed on Easter Sunday, and with the shift in the timing of Easter this year to fiscal March from April last year, comparable store sales were negatively affected in March by approximately 2% and positively affected in April by approximately 3%.
The Company opened one store and closed six stores in the first quarter of 2013, resulting in a total store count of 508 at the end of the quarter.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends 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. After closing two stores since the end of the first quarter, the Company currently operates 506 stores located in 29 states.
