Total sales increased 3.2% to $200 million
First quarter comparable store sales increased 1.0%
SAVANNAH, Ga.--(BUSINESS WIRE)--
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170503005538/en/
Citi Trends, Inc.
Bruce Smith, 912-443-2075
Chief Operating Officer and
Source: Citi Trends, Inc.
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