Citi Trends Announces Higher First Quarter 2017 Sales
May 03 2017 - 5:45AM
Business Wire
Total sales increased 3.2% to $200
million
First quarter comparable store sales
increased 1.0%
Citi Trends, Inc. (NASDAQ:CTRN) today reported unaudited sales
for the first quarter ended April 29, 2017.
Total sales in the 13-week period ended April 29, 2017 increased
3.2% to $200.0 million compared with $193.7 million in the 13-week
period ended April 30, 2016. Comparable store sales in this year’s
first quarter increased 1.0% from the first quarter of fiscal
2016.
Bruce Smith, Acting Chief Executive Officer, commented, “We are
pleased to report that our improved merchandising strategies are
driving better performance, as demonstrated by the increase in our
first quarter comparable store sales. After a very slow start to
the quarter due to the later disbursement of tax refunds by the
Internal Revenue Service, we were able to more than make up
February’s 21% comparable store sales decline with increases of 13%
in March and 18% in April.”
Investor Conference Call and
Webcast
The Company will report complete financial results for the first
quarter of 2017 before the market opens on May 17, 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) 231-2931. A replay of the conference call will be
available until May 24, 2017, by dialing (402) 977-9140 and
entering the passcode, 21851529.
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 May 17, 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
538 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, objectives of
management for future operations and our intentions and ability to
pay dividends and complete any share repurchases, 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 quarter-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, the ability to anticipate and
respond to fashion trends and the outcome of our current proxy
fight and any other actions of activist stockholders. Any
forward-looking statements by the Company, with respect to earnings
guidance, the Company’s intention to declare and pay dividends, the
repurchase of shares pursuant to the share repurchase program, 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.
Important Additional
Information
Citi Trends, its directors and certain of its executive officers
may be deemed to be participants in the solicitation of proxies
from Citi Trends stockholders in connection with the matters to be
considered at Citi Trends' 2017 Annual Meeting to be held on May
24, 2017. On April 3, 2017, Citi Trends filed a definitive proxy
statement (the “Proxy Statement”) with the U.S. Securities and
Exchange Commission (the "SEC") in connection with any such
solicitation of proxies from Citi Trends stockholders. INVESTORS
AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE PROXY
STATEMENT AND ACCOMPANYING BLUE PROXY CARD WITH RESPECT TO THE 2017
ANNUAL MEETING, AND OTHER DOCUMENTS FILED WITH THE SEC, CAREFULLY
AND IN THEIR ENTIRETY AS THEY CONTAIN IMPORTANT INFORMATION.
Detailed information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, is set forth in the Proxy Statement and
other materials to be filed with the SEC in connection with Citi
Trends' 2017 Annual Meeting. Stockholders may obtain the Proxy
Statement, any amendments or supplements to the Proxy Statement and
other documents filed by Citi Trends with the SEC for no charge at
the SEC's website at www.sec.gov. Copies will also be available at
no charge at the Investor Relations section of our corporate
website at www.cititrends.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170503005538/en/
Citi Trends, Inc.Bruce Smith, 912-443-2075Acting Chief Executive
Officer,Chief Operating Officer andChief Financial Officer
Citi Trends (NASDAQ:CTRN)
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