Citi Trends’ first-quarter earnings down
Clothing and accessories company Citi Trends said Wednesday its first-quarter net income dropped 39 percent as cooler weather dampened sales in the beginning of the period.
CEO Ed Anderson said in a statement that sales began to pick up once the weather began to warm up after Easter.
But the overall quarterly performance fell short of Wall Street’s expectations.
Savannah-based Citi Trends Inc. earned $6.2 million, or 42 cents per share, for the period ended May 4. That compares with $10.1 million, or 69 cents per share, in the prior-year period.
Analysts surveyed by FactSet, on average, expected earnings of 57 cents per share.
Revenue declined 8 percent to $181.8 million from $197.7 million, missing Wall Street’s forecast for revenue of $189.2 million.
Revenue at stores open at least a year fell 4.1 percent. This metric is a key indicator of a retailer’s health because it excludes results from stores recently opened or closed.
In February, the figure dropped 7 percent. It was down 8 percent in March, but rose 9 percent in April.
Citi Trends currently runs 506 stores in 29 states.
Goodwill to opening new store, job center
RINCON — Goodwill of the Coastal Empire will celebrate the opening of the newest Goodwill Retail Store and Job Connection location at 410 S. Columbia Ave. in the Fort Howard Shopping Plaza on at 10 a.m. May 30.
Goodwill plans to serve the community with a retail store, convenient donations center and Job Connection career center. The Rincon Goodwill will serve as the 15th retail location with a nearly 20,000-square-foot facility and is expected to employ about 25 people.
The Job Connection will serve as the seventh career center in the region.
For more information, go to www.goodwillsavannah.org.
Memorial’s cancer institute rated outstanding
The Curtis and Elizabeth Anderson Cancer Institute at Memorial University Medical Center has received an Outstanding Achievement Award from The Commission on Cancer of the American College of Surgeons.
The 2012 award was given to only 79 cancer programs in the United States.
“To earn the Outstanding Achievement Award, we had to meet or exceed national benchmarks for quality cancer care,” said Guy Petruzzelli, vice president and physician-in-chief at the ACI. “We also had to demonstrate a ‘Commendation’ level of compliance for cancer committee leadership, data management, clinical management, research, community outreach and quality improvement.”
The commission on cancer accreditation is conducted every three years. The ACI also earned the Outstanding Achievement Award in 2006 and 2009.