Citi Trends, Inc. Announces January, Fourth Quarter and Fiscal 2005 Sales Results
February 01 2006 - 3:05PM
PR Newswire (US)
Net Sales Increased 48.3% to $20.9 million for January; Comparable
Store Sales Increased 22.7% for January; Comparable Store Sales
Increased 22.8% for the Fourth Quarter; Comparable Store Sales
Increased 16.7% for the Year; SAVANNAH, Ga., Feb. 1
/PRNewswire-FirstCall/ -- Citi Trends, Inc. (NASDAQ:CTRN) today
reported unaudited sales results for the four-week, thirteen-week
and 52-week periods ended January 28, 2006. Total net sales for the
four-week period ended January 28, 2006 increased 48.3% to $20.9
million compared with $14.1 million for the four-week period ended
January 29, 2005. Comparable store sales increased 22.7% for the
four- week period ended January 28, 2006, compared with a 10.1%
increase in the prior-year period. Relocated and expanded stores
are included in the comparable store sales results. Total net sales
for the thirteen-week period ended January 28, 2006 increased 46.0%
to $96.8 million compared with $66.3 million for the thirteen- week
period ended January 29, 2005. Comparable store sales increased
22.8% for the thirteen-week period ended January 28, 2006, compared
with a 4.6% increase in the prior-year period. Total net sales for
the 52-week period ended January 28, 2006 increased 42.5% to $289.8
million compared with $203.4 million for the 52-week period ended
January 29, 2005. Comparable store sales increased 16.7% for the
52-week period ended January 28, 2006, compared with a 3.0%
increase in the prior-year period. Consistent with trends
previously noted in September through December, the Company's
January 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 18.8% for January. The Company opened 36 stores in
fiscal 2005, reaching a total store count of 236 (including two
stores currently closed due to the hurricanes). 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 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. First Call Analyst: FCMN Contact:
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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