Citi Trends (CTRN) Prelim. Q4, FY15 Sales Results Miss Views; Qtr. Dividend Declared

Citi Trends (NASDAQ: CTRN) declared a quarterly dividend of $0.06 per share, or $0.24 annualized.

The dividend will be payable on March 15, 2016, to stockholders of record on March 1, 2016, with an ex-dividend date of February 26, 2016.

The annual yield on the dividend is 1.5 percent.

Citi Trends also reported unaudited sales for the fourth quarter and fiscal year ended January 30, 2016.

Total sales in the 13-week period ended January 30, 2016, decreased 2.8% to $176.1 million compared with $181.1 million in the 13-week period ended January 31, 2015. Comparable store sales in this year’s fourth quarter decreased 5.0% from the fourth quarter of fiscal 2014, a quarter in which comparable store sales increased 13.9%. By month, comparable store sales were down 6.5% in November, down 0.9% in December and down 14.2% in January. The Company believes that January’s decrease was largely the result of a later start to tax refund season, as comparable store sales were down 45% (approximately $3.5 million) the last two days of the month.

For the year, total sales increased 1.9% to $683.8 million compared with $670.8 million in fiscal 2014. Comparable store sales decreased 0.1% for the full year.

*** The Street was looking for Q4 revenue of $183.2 million and FY15 revenue of $687.2 million.

Jason T. Mazzola, President and Chief Executive Officer, commented, “Fourth quarter sales were challenging, with unusually warm winter weather affecting all apparel categories. However, we continued to realize the benefits of strong inventory control and a new merchandise planning and allocation system, which led to another increase in quarterly gross margin and to a full year gross margin approximating 39%.”

For a dividend history and other dividend-related data on Citi Trends (CTRN) click here.

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