Citi Trends, Inc. Announces Fiscal 2005 December Sales Results
January 04 2006 - 3:05PM
PR Newswire (US)
Net Sales Increased 46.4% to $51.3 million; Comparable Store Sales
Increased 21.4%; Updates the Impact of the Hurricanes SAVANNAH,
Ga., Jan. 4 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today reported unaudited sales results for the
five-week period ended December 31, 2005. Total net sales for the
five-week period ended December 31, 2005 increased 46.4% to $51.3
million compared with $35.0 million for the five-week period ended
January 1, 2005. Comparable store sales increased 21.4% for the
five- week period ended December 31, 2005, compared with a 4.3%
increase in the prior-year period. Relocated and expanded stores
are included in the comparable store sales results. Consistent with
trends previously noted in September through November, the
Company's December sales results benefited from increased customer
traffic following Hurricanes Katrina, Rita and Wilma. After the
hurricanes, sales in the stores directly affected by the hurricanes
as well as sales in the stores located in contiguous areas
increased significantly. This rebound effect more than offset the
negative effect of stores that were closed for one or more days due
to the hurricanes. The Company believes that sales increases in its
stores located in markets directly affected by the hurricanes and
in contiguous markets resulted directly from aid distributed to
customers and the need for customers to replace lost or damaged
clothing and other items. These sales increases have begun to
dissipate, and the Company anticipates that the magnitude of these
increases will continue to diminish over time. Comparable store
sales in markets not affected by the hurricanes increased
approximately 15.3% for December. The Company has opened 36 stores
to date in fiscal 2005, reaching a total store count of 236
(including the two stores currently closed due to the hurricanes).
The Company does not plan to open any additional new stores during
the remainder of the fourth quarter. Citi Trends, Inc. is a
value-priced retailer of urban fashion apparel and accessories for
the entire family. The Company currently operates 236 stores
(including the two stores currently closed due to the hurricanes)
located in 14 states in the South, Southeast, Midwest 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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