Citi Trends Announces Fourth Quarter and Fiscal 2010 Sales
February 03 2011 - 5:45AM
Business Wire
Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales
results for the fourth quarter and fiscal year ended January 29,
2011.
Total sales in the 13-week period ended January 29, 2011
increased 1.3% to $172.0 million compared with $169.8 million in
the 13-week period ended January 30, 2010. Comparable store sales
decreased 11.4% in the fourth quarter. By month, comparable store
sales were down 2.6% in November, 10.7% in December and 23.5% in
January. The decline in December was due largely to a delay of the
government’s distribution of extended unemployment benefits until
just before Christmas, a significant shortfall in sales of long
denim, and a heavy promotional environment that included
going-out-of-business sale events by a competitor. Similar to
fiscal 2008 and 2009, January sales were negatively impacted by a
continued shift of income tax refunds due to a lack of refund
anticipation loan availability for the Company’s customers.
Comparable store sales began to decline 40% to 50% in the third
week of January and continued at that pace until the Internal
Revenue Service began sending refunds on January 28, 2011. Since
that date, customers have begun shopping Citi Trends’ stores with
their refund money and we anticipate an improvement in the sales
trend in February.
For the year, total sales increased 12.8% to $622.5 million
compared with $551.9 million in fiscal 2009. Comparable store sales
decreased 1.8% for the full year.
The Company stated that, although the year-end closing process
has just begun, based on the negative fourth quarter comparable
store sales results and the impact from clearance markdowns needed
to keep inventory clean and current, earnings are expected to be
approximately $1.30 per diluted share for the full year.
The Company will report complete financial results for its
fourth quarter and fiscal 2010 before the market opens on March 11,
2011. Citi Trends will host a conference call on the same day at
9:00 a.m. ET. The number to call for the live interactive
teleconference is (212) 231-2901. A replay of the conference
call will be available until March 18, 2011, by dialing
(402) 977-9140 and entering the passcode, 21510236.
The live broadcast of Citi Trends' quarterly conference call
will be available online at the Company's website,
www.cititrends.com, on March 11, 2011, beginning at 9:00 a.m.
ET. The online replay will follow shortly after the call and
continue until March 18, 2011.
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 461 stores located in 27 states. Citi Trends’
website address is 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
results and 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," "plans," "estimate," "continue,"
"anticipate," "intend," "expect" and similar expressions, as they
relate to Citi Trends, are intended to identify forward-looking
statements. Statements with respect to earnings guidance are
forward-looking statements. Investors are cautioned that any such
forward-looking statements are subject to the finalization of the
Company’s year-end financial and accounting procedures, are not
guarantees of future performance or results and are inherently
subject to risks and uncertainties, some of which cannot be
predicted or quantified. Actual results or developments may differ
materially from those included 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 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.
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