Citi Trends Announces Fourth Quarter and Fiscal 2016 Sales and Declares Quarterly Dividend
February 08 2017 - 5:45AM
Business Wire
Fourth quarter comparable store sales
increased 3.4%
Citi Trends, Inc. (NASDAQ:CTRN) today reported unaudited sales
for the fourth quarter and fiscal year ended January 28, 2017.
Total sales in the 13-week period ended January 28, 2017,
increased 5.4% to $185.5 million compared with $176.1 million in
the 13-week period ended January 30, 2016. Comparable store sales
in this year’s fourth quarter increased 3.4% from the fourth
quarter of fiscal 2015. By month, comparable store sales were up 5%
in November, up 2% in December and up 6% in January.
For the year, total sales increased 1.7% to $695.2 million
compared with $683.8 million in fiscal 2015. Comparable store sales
decreased 0.4% for the full year.
In looking forward, the Company expects that tax refund driven
sales are likely to shift largely from February to March of 2017
due to later disbursement by the Internal Revenue Service than in
2016. Historically, a shift in sales related to later tax refunds
has had a negative impact on first quarter sales.
In addition, the Company announced that its Board of Directors
has declared a quarterly dividend of $0.06 per common share,
payable on March 14, 2017, to shareholders of record as of the
close of business on February 28, 2017.
Investor Conference Call and
Webcast
The Company will report complete financial results for its
fourth quarter and fiscal 2016 before the market opens on March 10,
2017. 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) 231-2934. A replay of the conference
call will be available until March 17, 2017, by dialing
(402) 977-9140 and entering the passcode, 21843404.
The live broadcast of Citi Trends’ conference call will be
available online at the Company's website, www.cititrends.com,
under the Investor Relations section, on March 10, 2017, beginning
at 9:00 a.m. ET. The online replay will follow shortly after the
call and will be available for replay for one year.
During the conference call, the Company may discuss and answer
questions concerning business, financial developments and trends
after quarter-end. The Company’s responses to questions, as well as
other matters discussed during the conference call, may contain or
constitute information that has not been disclosed previously.
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion
apparel and accessories for the entire family. The Company operates
535 stores located in 31 states. Citi Trends’ website address is
www.cititrends.com. CTRN-G
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. Any forward-looking statements by the
Company, with respect to earnings guidance, the declaration and
payment of dividends, the repurchase of the Company’s shares, or
otherwise, are intended to speak only as of the date such
statements are made. 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170208005137/en/
Citi Trends, Inc.Bruce Smith, 912-443-2075Chief Operating
Officer andChief Financial Officer
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Citi Trends (NASDAQ:CTRN)
Historical Stock Chart
From Jul 2023 to Jul 2024