Citi Trends Announces Fourth Quarter and Fiscal 2008 Sales
SAVANNAH, Ga., Feb 04, 2009 (BUSINESS WIRE) -- Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales results for the fourth quarter and full year of fiscal 2008.
Total sales in the 13-week period ended January 31, 2009 increased 8.9% to $146.6 million compared with $134.6 million in the 13-week period ended February 2, 2008. Comparable store sales decreased 1.9% in the fourth quarter.
For the year, total sales increased 11.6% to $488.2 million compared with $437.5 million in fiscal 2007. Comparable store sales were flat for the full year.
The Company will report complete financial results for its fourth quarter after the market closes on March 25, 2009. Citi Trends will host a conference call on the same day at 5:00 p.m. ET. The number to call for the live interactive teleconference is (303) 228-2960. A replay of the conference call will be available until April 1, 2009, by dialing (303) 590-3000 and entering the passcode, 11124062#.
The live broadcast of Citi Trends' quarterly conference call will be available online at the Company's website, www.cititrends.com, as well as http://ir.cititrends.com/events.cfm on March 25, 2009, beginning at 5:00 p.m. ET. The online replay will follow shortly after the call and continue until April 1, 2009.
The Company also disclosed its sales reporting policy for future quarters. Commencing with the first quarter of fiscal 2009, the Company will report sales in conjunction with its quarterly earnings release. For future fourth quarters, however, the Company will continue to report sales results on the Wednesday following the quarter end due to the typical longer gap that occurs with fiscal year end reporting and audits.
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 357 stores located in 22 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 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.
SOURCE: Citi Trends, Inc.
Citi Trends, Inc.
Ed Anderson, Chief Executive Officer, 912-443-3705
Bruce Smith, Chief Financial Officer, 912-443-2075
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