Citi Trends, Inc. Announces Fiscal 2006 November Sales Results
SAVANNAH, Ga., Nov 29, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the four-week period ended November 25, 2006.
Total net sales for the four-week period ended November 25, 2006, increased 22.3% to $30.2 million compared with $24.7 million for the four-week period ended November 26, 2005. Comparable store sales increased 1.8% for the four-week period ended November 25, 2006, compared with a 26.0% 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 and October, the Company's prior year November 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 stores located in contiguous areas increased dramatically. This rebound effect significantly more than offset the negative effect of the stores that were closed during September, October and November last year. For the current fiscal year, we estimate that sales in the non-affected comparable stores increased approximately 3% to 4% in November.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 272 stores located in 16 states in the South, Southeast, Midwest and Mid-Atlantic regions, and its 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.
Tripp Sullivan of Corporate Communications, Inc., +1-615-254-3376; or Ed Anderson, Chairman and CEO of Citi Trends, Inc., +1-912-443-3705
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