Citi Trends, Inc. Announces Fiscal 2005 December Sales Results
SAVANNAH, Ga., Jan 04, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the five-week period ended December 31, 2005.
Total net sales for the five-week period ended December 31, 2005 increased 46.4% to $51.3 million compared with $35.0 million for the five-week period ended January 1, 2005. Comparable store sales increased 21.4% for the five- week period ended December 31, 2005, compared with a 4.3% increase in the prior-year period. Relocated and expanded stores are included in the comparable store sales results.
Consistent with trends previously noted in September through November, the Company's December sales results benefited from increased customer traffic following Hurricanes Katrina, Rita and Wilma. After the hurricanes, sales in the stores directly affected by the hurricanes as well as sales in the stores located in contiguous areas increased significantly. This rebound effect more than offset the negative effect of stores that were closed for one or more days due to the hurricanes. The Company believes that sales increases in its stores located in markets directly affected by the hurricanes and in contiguous markets resulted directly from aid distributed to customers and the need for customers to replace lost or damaged clothing and other items. These sales increases have begun to dissipate, and the Company anticipates that the magnitude of these increases will continue to diminish over time. Comparable store sales in markets not affected by the hurricanes increased approximately 15.3% for December.
The Company has opened 36 stores to date in fiscal 2005, reaching a total store count of 236 (including the two stores currently closed due to the hurricanes). The Company does not plan to open any additional new stores during the remainder of the fourth quarter.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 236 stores (including the two stores currently closed due to the hurricanes) located in 14 states in the South, Southeast, Midwest and Mid-Atlantic regions, and our 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 not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and that actual results or developments may differ materially from those 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.
Tom Stoltz, Chief Financial Officer, +1-912-443-2075, or Ed Anderson, Chief Executive Officer, +1-912-443-3705, both of Citi Trends, Inc.
Copyright (C) 2006 PR Newswire. All rights reserved.
News Provided by COMTEX