Savannah-based Citi Trends Inc. on Friday reported fiscal fourth-quarter sales of $185.5 million, an increase of 5.4 percent over the same quarter last year.
The value-priced retailer of urban fashion apparel and accessories, traded on NASDAQ as CTRN, had net income of $5.6 million, or 38 cents per diluted share, a 60-percent increase over the previous fourth quarter.
Total sales for the full fiscal year, which ended Jan. 28, were $695.2 million, an increase of 1.7 percent over the $683.8 million recorded for the previous year, which ended Jan. 30, 2016.
The company opened 18 new stores, relocated or expanded another 13 stores and closed 6 stores in the most recent fiscal year.
“We are very pleased with the results of the fourth quarter,” company president and CEO Jason Mazzola told analysts during a morning conference call Friday.
“In addition to the positive numbers already stated, our customer count was up a strong 5 percent and our units per transaction were up 6 percent.”
While comparable store sales for the full year were down, Mazzola said he saw a number of positives in 2016.
“Compared to the previous year, total sales were up 1.7 percent, units per transaction were up 5 percent and our customer count was up 1 percent,” he said. “We ended the year with $114 million in cash and investments with no debt and, most importantly, we finished with a strong quarter of positive comparable store sales.”
The fourth quarter was the 18th consecutive positive quarter for the company’s home division, a trend Mazzola said he expects to continue into 2017.
“Our home section gives our customer a reason to shop at Citi Trends for more than just apparel needs,” he said. “In addition to targeting our customers’ broader lifestyle needs, it offers a hedge against weather-driven demand, providing more predictability to our business.”
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 537 stores located in 31 states. Citi Trends’ website address is www.cititrends.com.
BY THE NUMBERS
4Q ended Jan. 2017 4Q ended Jan 2016
Net sales $185.5 million $176 million.
Net income $5.5 million $3.4 million
Net income per share 38 cents 24 cents
FY ended Jan. 2017 FY ended Jan. 2016
Net sales $695.1 million $683.7 million
Net income $13.3 million $15.5 million
Net income per share 91 cents $1.04