Disappointing 3Q for Citi Trends - Analyst Blog
23 11월 2011 - 5:15PM
Zacks
Citi Trends Inc.
(CTRN) recently reported disappointing third-quarter 2011 results.
The company's net loss widened 12 folds to $4.9 million compared
with $0.4 million in the year-ago quarter.
Adjusted net loss per share came in
at 38 cents versus 3 cents in the year-ago quarter, primarily due
to negative comparable store sales. Moreover, net loss was higher
than the Zacks Consensus Estimate of 37 cents per share. On a
reported basis, net loss per share came in at 46 cents.
During the quarter, Citi Trends
recorded a 2.2% year-over-year growth in net sales to $143.1
million, missing the Zacks Consensus Estimate of $144.0 million.
Comparable store sales dropped 9.3% in the third quarter of fiscal
2011.
Citi Trends' gross profit plunged
6.8% from the prior-year period to $48.2 million, mainly due to
higher cost of sales. Gross margin came in at 33.7% compared with
36.9% in prior-year quarter.
Selling, general and administrative
expenses increased 12.3% year over year to $53.1 million.
Accordingly, the company's operating loss increased more than 12
folds to $12.1 million compared with $0.9 million in the year-ago
period.
Citi Trends ended the quarter with
debt-free balance sheet and cash and cash equivalents of $33.2
million compared with $69.6 million in the prior-year period.
Shareholders' equity at the end of the quarter was $202.5 million
compared with $195.9 million in the year-ago period.
Citi Trends is a value-priced
retailer of urban fashion apparel and accessories including
nationally recognized brands, private-label products and has a
limited assortment of home décor items. The company currently
operates 511 stores across 29 states in the Southeast, Mid-Atlantic
and Midwest regions as well as in the states of Texas and
California.
The company operates in a highly
fragmented specialty retail sector and faces intense competition
from larger off-price rivals, such as The TJX Companies
Inc. (TJX) and Ross Stores Inc.
(ROST).
Currently, Citi Trends retains a
short-term Zacks #3 Rank (‘Hold’). However, we hold a long-term
‘Underperform’ recommendation on the stock.
CITI TRENDS INC (CTRN): Free Stock Analysis Report
ROSS STORES (ROST): Free Stock Analysis Report
TJX COS INC NEW (TJX): Free Stock Analysis Report
Zacks Investment Research
TJX Companies (NYSE:TJX)
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TJX Companies (NYSE:TJX)
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