Fourth quarter comparable store sales decreased 5.0% compared with
a 13.9% increase last year
SAVANNAH, Ga.--(BUSINESS WIRE)--
Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales for the
fourth quarter and fiscal year ended January 30, 2016.
Total sales in the 13-week period ended January 30, 2016, decreased 2.8%
to $176.1 million compared with $181.1 million in the 13-week period
ended January 31, 2015. Comparable store sales in this year's fourth
quarter decreased 5.0% from the fourth quarter of fiscal 2014, a quarter
in which comparable store sales increased 13.9%. By month, comparable
store sales were down 6.5% in November, down 0.9% in December and down
14.2% in January. The Company believes that January's decrease was
largely the result of a later start to tax refund season, as comparable
store sales were down 45% (approximately $3.5 million) the last two days
of the month.
For the year, total sales increased 1.9% to $683.8 million compared with
$670.8 million in fiscal 2014. Comparable store sales decreased 0.1% for
the full year.
Jason T. Mazzola, President and Chief Executive Officer, commented,
"Fourth quarter sales were challenging, with unusually warm winter
weather affecting all apparel categories. However, we continued to
realize the benefits of strong inventory control and a new merchandise
planning and allocation system, which led to another increase in
quarterly gross margin and to a full year gross margin approximating
In addition, the Company announced that its Board of Directors has
declared a quarterly dividend of $0.06 per common share, payable on
March 15, 2016, to shareholders of record as of the close of business on
March 1, 2016.
Investor Conference Call and Webcast
The Company will report complete financial results for its fourth
quarter and fiscal 2015 before the market opens on March 11, 2016. 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) 231-2912. A replay of the conference call will be available until
March 18, 2016, 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,
under the Investor Relations section, on March 11, 2016, 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 522 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 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, the declaration and payment of dividends, the Company's 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160210005156/en/
Citi Trends, Inc.
Bruce Smith, 912-443-2075
Chief Financial Officer
President & Chief Executive Officer
Source: Citi Trends, Inc.
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