Citi Trends, Inc. (CTRN) Post Q4 Loss; Comps Fall Sharply (Halted)

February 13, 2013 7:13 AM EST
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Citi Trends, Inc. (NASDAQ: CTRN) reported Q4 EPS of ($0.07), $0.41 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $175.7 million versus the consensus estimate of $191.2 million.

Jan Comps down 28%.

Ed Anderson, Chairman and Chief Executive Officer, commented, "While the sales results for the fourth quarter are disappointing, we continue to make very good progress in our turnaround efforts. There are several reasons for the disappointing sales in the fourth quarter and following is a fairly detailed explanation."

Fourth quarter comparable store sales decreased 11.8%, comparing the 14 weeks ended February 2, 2013 to the 14 weeks ended February 4, 2012. The largest impact on the Company’s comparable store sales for the fourth quarter was the delay by the Internal Revenue Service of 2012 tax refunds. The IRS moved back the date it would accept tax returns from January 13 a year ago to January 30 this year. As a result, all tax refund driven sales this year were pushed into fiscal 2013. In the last two weeks of fiscal January, sales dropped by over $16 million, most of which, we believe, was due to the delay in tax refunds. This alone impacted the fourth quarter comparable store sales by 7.5%. Sales for the first 12 weeks of the 14-week fourth quarter (November, December and the first three weeks of the five-week January) decreased 4.3%.

NOTE: Shares are currently halted.

For earnings history and earnings-related data on Citi Trends, Inc. (CTRN) click here.

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