Citi Trends Announces First Quarter Sales and Revises First Quarter Earnings Guidance
May 09 2007 - 4:22PM
PR Newswire (US)
Net sales increased 16.2% to $106.6 million for the first quarter
of fiscal 2007; Comparable Store Sales increased 0.6% on a
comparable store, comparable week basis; Comparable Store Sales
decreased 3.3% on a fiscal quarter basis SAVANNAH, Ga., May 9
/PRNewswire-FirstCall/ -- Citi Trends, Inc. (NASDAQ:CTRN) today
reported unaudited sales results for the first quarter of fiscal
2007. Total sales for the thirteen-week period ended May 5, 2007
increased 16.2% to $106.6 million compared with $91.7 million for
the thirteen-week period ended April 29, 2006. Comparable store
sales increased 0.6% on a comparable store, comparable week basis.
Each quarter of fiscal 2007 starts one week later than the same
quarter of 2006, due to the Company's 2006 fiscal year having 53
weeks versus the normal 52 weeks. This timing shift can have a
significant impact on quarterly sales comparisons. The measurement
of sales in comparable stores for comparable weeks above is based
on sales during the thirteen weeks ended May 5, 2007 in relation to
the thirteen weeks ended May 6, 2006. On a fiscal quarter basis,
comparing the thirteen weeks ended May 5, 2007 with the thirteen
weeks ended April 29, 2006, comparable store sales decreased 3.3%.
Sales comparisons for the first quarter of 2007 were difficult as
the result of a 21% comparable store sales increase during last
year's first quarter. In addition, unseasonably cool weather just
prior to Easter, historically our second largest selling period of
the year, hurt sales of Spring/Summer apparel. The Company had
previously released guidance that first quarter 2007 earnings were
expected to be in a range of $0.44 to $0.49 per diluted share. In
light of the reported sales results, as well as information
currently available related to operating expenses, management is
revising its guidance for first quarter earnings to $0.37 to $0.40
per diluted share. The Company expects to report full financial
results for its first quarter after the market closes on May 24,
2007. About Citi Trends Citi Trends, Inc. is a value-priced
retailer of urban fashion apparel and accessories for the entire
family. The Company currently operates 295 stores located in 17
states in the Southeast, Mid-Atlantic and Midwest regions and the
state of Texas. 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: Ed Anderson, Chief Executive Officer,
+1-912-443-3705, or Bruce Smith, Chief Financial Officer,
+1-912-443-2075, both of Citi Trends, Inc. Web site:
http://www.cititrends.com/
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