Press release
Citi Trends Announces Fourth Quarter & Full Year 2019 Results
Fourth quarter comparable store sales up 3.1% Fourth quarter earnings per diluted share up 42% to $0.84, or up 49% to $0.88 on an adjusted basis* Fourth
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nFourth quarter comparable store sales up 3.1%\n\n\nFourth quarter earnings per diluted share up 42% to $0.84, or up 49% to $0.88 on an adjusted basis*\n\n\nFourth quarter gross profit expands 235 basis points to 39.7%\n\n\nContinued capital return program, returning $32 million to shareholders in fiscal 2019 and authorizing a new $30 million share repurchase program\n\n\nFiscal 2019 earnings per diluted share were $1.41, or $1.56 on an adjusted basis* exceeding prior guidance\n\n\nInitial guidance for fiscal 2020 earnings per diluted share of $1.75 to $1.85 on an adjusted basis*\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN) today reported results for the fourth quarter and fiscal year ended February 1, 2020.\n\n\nFinancial Highlights – 13-week fourth quarter ended February 1, 2020\n\n\n\nTotal sales increased 4.9% to $211.0 million compared with $201.2 million in the fourth quarter of fiscal 2018\n\n\nComparable store sales increased 3.1%\n\n\nGross profit expands 235 basis points to 39.7% reflecting strong full price selling and lower markdown rates\n\n\nSelling, general and administrative expenses de-leveraged 151 basis points to 32.1% primarily due to higher distribution center labor costs and the reversal of an accrual for incentive compensation in the prior year\n\n\nOperating profit increased 27.7% to $11.3 million, or an operating profit margin of 5.3%, up 116 basis points as compared to the fourth quarter of fiscal 2018\n\n\nNet income was $9.4 million compared with $7.3 million in the fourth quarter of fiscal 2018 on a GAAP basis, or $9.9 million* in the fourth quarter of fiscal 2019 when adjusted for interim CEO related expenses\n\n\nEarnings per diluted share were $0.84 compared with $0.59 in the fourth quarter of fiscal 2018 on a GAAP basis, or $0.88* in the fourth quarter of fiscal 2019 when adjusted for interim CEO related expenses\n\n\nQuarter-end inventory was down 1.1% comparing favorably to the 4.9% total sales increase for the fourth quarter, which led to a high quality inventory position entering the spring season\n\n\n\nFinancial Highlights – 52-week fiscal year ended February 1, 2020\n\n\n\nTotal sales increased 1.6% to $781.9 million compared with $769.6 in fiscal 2018\n\n\nComparable store sales decreased 0.1%\n\n\nNet income was $16.5 million compared with $21.4 million in fisc...