Citi Trends Doubles Distribution Capacity With Acquisition of 286,500 Square Foot Facility; Darlington, SC Facility to be Operat
October 19 2005 - 8:53AM
PR Newswire (US)
SAVANNAH, Ga., Oct. 19 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today announced that the Company has acquired a
286,500 square foot distribution center in Darlington, SC. The new
distribution center complements the Company's two existing
facilities in the Savannah area that total approximately 240,000
square feet. Situated on over 90 acres, the distribution center is
expected to support an additional 250 to 300 stores. While the
Company did not disclose the purchase price of the property, the
cost of the property, including the costs of improvements and
equipment, will total $3 million to $4 million. The Company expects
to begin receiving its first shipments in the new facility in
December 2005 and will slowly build activity over the following
several months to insure a smooth start-up. Start-up costs are
anticipated during the first few months of operation, but are not
projected to be material. Citi Trends, Inc. is a value-priced
retailer of urban fashion apparel and accessories for the entire
family. The Company currently operates 224 stores (including 4
stores currently closed due to the hurricanes) located in 12 states
in the South, Southeast and Mid-Atlantic regions, and our website
address is http://www.cititrends.com/. CTRN-E Forward-Looking
Statements All statements other than historical facts contained in
this news release, including statements regarding our future
financial position, business policy and plans and objectives of
management for future operations, are forward- looking statements
that are subject to material risks and uncertainties. The words
"believe," "may," "could," "estimate," "continue," "anticipate,"
"intend," "expect" and similar expressions, as they relate to Citi
Trends, are intended to identify forward-looking statements.
Investors are cautioned that any such forward-looking statements
are not guarantees of future performance or results and are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified, and that actual results or developments
may differ materially from those in the forward-looking statements
as a result of various factors which are discussed in Citi Trends,
Inc. filings with the Securities and Exchange Commission. These
risks and uncertainties include, but are not limited to,
uncertainties relating to economic conditions, growth and expansion
risks, consumer spending patterns, competition within the industry,
competition in our markets and the ability to anticipate and
respond to fashion trends. Except as required by applicable law,
including the securities laws of the United States and the rules
and regulations of the Securities and Exchange Commission, Citi
Trends does not undertake to publicly update any forward-looking
statements in this news release or with respect to matters
described herein, whether as a result of any new information,
future events or otherwise. DATASOURCE: Citi Trends, Inc. CONTACT:
Tom Stoltz, Chief Financial Officer, +1-912-443-2075, or Ed
Anderson, Chief Executive Officer, +1-912-443-3705, both of Citi
Trends, Inc. Web site: http://www.cititrends.com/
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