Citi Trends, Inc. Announces Fiscal 2005 June Sales Results
June Net Sales Increased 42.0% to $22.7 Million
June Comparable Store Sales Increased 14.5%
Savannah, GA - July 6, 2005 - Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales results for the five-week period ended July 2, 2005.
Total net sales for the five-week period ended July 2, 2005 increased by 42.0% to $22.7 million from $16.0 million reported in the prior fiscal year. Comparable store sales increased 14.5% for the five-week period ended July 2, 2005 compared to a 1.5% decrease in the five-week period ended July 3, 2004. Relocated stores and expanded stores are included in the comparable store sales results.
Pursuant to the decision by the Company to release sales results on a monthly as well as on a quarterly basis, the Company is disclosing historical unaudited monthly sales results for the first quarter of 2005 as follows:
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 214 stores located in 12 states in the South, Southeast and Mid-Atlantic region, and our website address is www.cititrends.com.
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.
Chief Financial Officer
Citi Trends, Inc
Chief Executive Officer
Citi Trends, Inc