Comparable store sales increased 13.9% in the fourth quarter and
7.5% for the year
SAVANNAH, Ga.--(BUSINESS WIRE)--
Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales results
for the fourth quarter and fiscal year ended January 31, 2015.
Total sales in the 13-week period ended January 31, 2015, increased
15.2% to $181.1 million compared with $157.2 million in the 13-week
period ended February 1, 2014. Comparable store sales increased 13.9% in
the fourth quarter. By month, comparable store sales were up 7.7% in
November, up 13.5% in December and up 26.6% in January. The sales
comparison for the month of January benefited from a number of winter
storm-related closings last year and an earlier start to tax refund
season the last two days of the month this year. Comparable store sales
were up approximately 15% in January until the last two days, which were
up nearly 75% (approximately $3 million). For the quarter, comparable
store sales were up approximately 12% prior to the last two days of
For the year, total sales increased 7.8% to $670.8 million compared with
$622.2 million in fiscal 2013. Comparable store sales increased 7.5% for
the full year.
Ed Anderson, Chairman and Chief Executive Officer, commented, "We are
very pleased with the fourth quarter sales, as the strong momentum from
the third quarter continued throughout the entire fourth quarter.
Clearly, our merchandise assortments were more on point this year. In
particular, we did a better job with all of our cold-weather
merchandise. All five merchandise divisions delivered meaningful sales
growth, and, geographically, we delivered strong sales across all
weather zones and store regions.
"We are optimistic about the first quarter of 2015. We have strong
momentum and we believe our inventories are well positioned to drive
Investor Conference Call and Webcast
The Company will report complete financial results for its fourth
quarter and fiscal 2014 before the market opens on March 13, 2015. 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) 231-2937. A replay of the conference call will be available until
March 20, 2015, by dialing (402) 977-9140 and entering the passcode,
The live broadcast of Citi Trends' conference call will be available
online at the Company's website, www.cititrends.com,
as well as www.cititrends.com/http/ircititrendscom,
on March 13, 2015 beginning at 9:00 a.m. ET. The online replay will
follow shortly after the call and will be available for replay for one
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 511 stores
located in 29 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 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 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.
Citi Trends, Inc.
Bruce Smith, 912-443-2075
Ed Anderson, 912-443-3705
Chairman & Chief
Source: Citi Trends, Inc.
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