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Magazine > Market Survey > News Content
Net income for Q4 2008 up at Savannah-based apparel retailer
 
      3/26/2009 4:33:28 PM

USA -- Citi Trends Inc reported results for the fourth quarter and fiscal year ended January 31, 2009.

Financial Highlights – Fourth quarter ended January 31, 2009
Total sales in the fourth quarter ended January 31, 2009 increased 8.9% to $146.6 million compared with $134.6 million in the quarter ended February 2, 2008. Comparable store sales decreased 1.9% in the fourth quarter.

Net income in the fourth quarter of 2008 increased 20.0% to $10.1 million compared with $8.4 million in last year’s fourth quarter. Earnings per diluted share increased to $0.70 in the fourth quarter of 2008 compared with $0.59 in the fourth quarter of 2007. Strong control of inventory levels resulted in a significant reduction in merchandise markdowns in this year’s fourth quarter, more than offsetting the negative comparable store sales.

The Company opened 16 stores in the fourth quarter of 2008, reaching a total store count of 357 at the end of the year.

Financial Highlights – Fiscal year ended January 31, 2009
Total sales in the fiscal year ended January 31, 2009 increased 11.6% to $488.2 million compared with $437.5 million in fiscal 2007. Comparable store sales were flat for the full year.

Net income increased 22.3% to $17.4 million in 2008 compared with $14.2 million in 2007. Earnings per diluted share increased to $1.22 in 2008 compared with $1.00 in the prior year.

The Company opened 39 stores, relocated or expanded 9 others, and closed 1 store in fiscal 2008.

Fiscal 2009 Outlook
The Company estimates 2009 earnings of approximately $1.30 per diluted share. This guidance includes an anticipated 2009 comparable store sales increase of approximately 3%. For the year, the Company expects to increase selling square footage by at least 15%. Tax-free interest income is expected to decline based on existing market rates.

The Company reminds investors of the complexity of accurately assessing future results given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables. See “Forward-Looking Statements” below for more information regarding these uncertainties.
 
Citi Trends Inc

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JP Renaissance Enterprises Corporation, an active fashion and gift company that provides fashion accessories and jewelry. We expanded our branches in Asia and North America, now, we devote ourselves on globalization by deploying unique designs and concepts. Our designers put their efforts on introducing innovative ideas, integrating creative and trendy elements and developing new style, such as integrating the nature into our products. Our fashion accessories and jewelry are capable to give you a different fashion ideas, a different way to dress, and can surprise your friends, lover, parents, clients by sending them special gifts on holiday or in special events. The products are not only fashion symbols but also tools to communicate, for example, you can use our new fashion and gift guides as an interesting topic among girls, or share the experience of our online jewelry store or the latest shoes. hats and socks with your friends..


Furthermore, we provide dance gifts for valentine recommended price and special gifts for lover analysis with professional wholesale and retail business. for examples, we not only sell silver charms, Christian clothing, fake diamond rings and handcrafted jewelry as a manufacturer and wholesaler, but also provide party gifts for love stores. Besides, while outputing luxurious goods and service, we also offer value packs and free gift cards, such as payless anniversary gifts, wholesale gifts for him on special events.


Clients all over the world can enjoy our products and service through the internet. For instance, buyers from Memphis - Tennessee - United States, - - Kyushu - Japan and Winnipeg - Manitoba - Canada.


Our online Fashion Magazine, on the other hand, presents information about top holiday gifts guides, hair styles, life style trends, potfolio fashion tips, what to wear on meeting, dressing tips, dressing guides or general fashion tips for women and for men, gifts for her and holiday gifts industry news, product kownledge about earring designs, business casual clothing and handmade earrings, fashion shows...

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