SAVANNAH, Ga., Feb 06, 2008 (BUSINESS WIRE) -- Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales results for the fourth quarter and full year of fiscal 2007.
The Company's 2007 fiscal year contains the traditional 52 weeks, whereas, fiscal 2006 contained 53 weeks, with the extra week falling in the fourth quarter. Accordingly, comparisons of total sales for the fourth quarter and full year of fiscal 2007 to the same periods in 2006 are affected by an extra week of sales in 2006. However, for comparable store sales, the Company is reporting on a comparable weeks basis (e.g. the 13 weeks ended February 2, 2008, compared to the 13 weeks ended February 3, 2007).
Total sales in the 13-week period ended February 2, 2008, increased 6.2% to $134.6 million compared with $126.8 million in the 14-week period ended February 3, 2007. Comparable store sales decreased 1.1%, comparing the 13 weeks ended February 2, 2008, to the 13 weeks ended February 3, 2007.
For the year, total sales in the 52-week period ended February 2, 2008, increased 14.6% to $437.5 million compared with $381.9 million in the 53-week period ended February 3, 2007. The extra week last year contributed approximately $10 million to sales in fiscal 2006. Comparable store sales increased 1.0%, comparing the 52-week period ended February 2, 2008 to the 52-week period ended February 3, 2007.
The Company stated that, although it is very early in the year-end closing process, based on the fourth quarter negative comparable store sales results, together with a related increase in clearance markdowns, the Company believes it will recognize earnings per diluted share of approximately $0.42 to $0.46 for the fourth quarter and $0.83 to $0.87 for the full fiscal year of 2007. The Company expects to report complete financial results for its fourth quarter and full year and provide its fiscal 2008 outlook after the market closes on March 26, 2008.
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 319 stores located in 20 states in the Southeast, Mid-Atlantic and Midwest regions and the state of Texas. Citi Trends' website address is www.cititrends.com. CTRN-E
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 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 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.
SOURCE: Citi Trends, Inc.
Citi Trends, Inc. Ed Anderson, 912-443-3705 Chief Executive Officer or Bruce Smith, 912-443-2075 Chief Financial Officer
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