Citi Trends, Inc. Announces Fiscal 2005 October and Third Quarter Sales
SAVANNAH, Ga., Nov 02, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the four-week period and third quarter ended October 29, 2005.
Total net sales for the four-week period ended October 29, 2005 increased 64.9% to $22.7 million compared with $13.8 million for the four-week period ended October 30, 2004. Comparable store sales increased 37.0% for the four- week period ended October 29, 2005, compared with a 0.0% increase in the prior-year period.
Total net sales for the thirteen-week period ended October 29, 2005 increased 51.8% to $69.9 million compared with $46.0 million for the thirteen- week period ended October 30, 2004. Comparable store sales increased 25.0% for the thirteen-week period ended October 29, 2005, compared with a 3.0% increase in the prior-year quarter. Relocated and expanded stores are included in the comparable store sales results.
During the months of September and October 2005, the Company had a total of 38 stores closed for at least one day of the period due to Hurricanes Katrina, Rita and Wilma with 5 stores remaining closed as of the end of October. Those lost store sales days had a significant negative effect on sales for this period. However, after the hurricanes, sales in the stores directly affected by the hurricanes as well as stores located in contiguous areas have increased dramatically. This rebound effect has significantly more than offset the negative affect of the closings. We estimate that sales in the non-affected comparable stores increased approximately 18-20% in October and approximately 17-19% for the quarter.
For fiscal 2005, the Company plan was to open 40 new stores. Due to the expected inability to open new stores originally targeted to open in markets affected by the hurricanes, the Company now expects to open approximately 37 new stores in fiscal 2005. With the revised number of new store openings and the uncertainty of reopening the 5 currently closed stores, the Company estimates that it will end the year with a total of 232 to 237 stores in operation.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 226 stores (including the 5 stores currently closed due to the hurricanes) located in 12 states in the South, Southeast and Mid-Atlantic region, 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.
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