Citi Trends, Inc. Announces Fiscal 2005 October and Third Quarter Sales Results; Net Sales Increased 64.9% to $22.7 mil. for Oct
November 02 2005 - 3:14PM
PR Newswire (US)
SAVANNAH, Ga., Nov. 2 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today reported unaudited sales results for the
four-week period and third quarter ended October 29, 2005. Total
net sales for the four-week period ended October 29, 2005 increased
64.9% to $22.7 million compared with $13.8 million for the
four-week period ended October 30, 2004. Comparable store sales
increased 37.0% for the four- week period ended October 29, 2005,
compared with a 0.0% increase in the prior-year period. Total net
sales for the thirteen-week period ended October 29, 2005 increased
51.8% to $69.9 million compared with $46.0 million for the
thirteen- week period ended October 30, 2004. Comparable store
sales increased 25.0% for the thirteen-week period ended October
29, 2005, compared with a 3.0% increase in the prior-year quarter.
Relocated and expanded stores are included in the comparable store
sales results. During the months of September and October 2005, the
Company had a total of 38 stores closed for at least one day of the
period due to Hurricanes Katrina, Rita and Wilma with 5 stores
remaining closed as of the end of October. Those lost store sales
days had a significant negative effect on sales for this period.
However, after the hurricanes, sales in the stores directly
affected by the hurricanes as well as stores located in contiguous
areas have increased dramatically. This rebound effect has
significantly more than offset the negative affect of the closings.
We estimate that sales in the non-affected comparable stores
increased approximately 18-20% in October and approximately 17-19%
for the quarter. For fiscal 2005, the Company plan was to open 40
new stores. Due to the expected inability to open new stores
originally targeted to open in markets affected by the hurricanes,
the Company now expects to open approximately 37 new stores in
fiscal 2005. With the revised number of new store openings and the
uncertainty of reopening the 5 currently closed stores, the Company
estimates that it will end the year with a total of 232 to 237
stores in operation. Citi Trends, Inc. is a value-priced retailer
of urban fashion apparel and accessories for the entire family. The
Company currently operates 226 stores (including the 5 stores
currently closed due to the hurricanes) located in 12 states in the
South, Southeast and Mid-Atlantic region, 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.
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