Citi Trends, Inc. Announces Fiscal 2006 September Sales Results
SAVANNAH, Ga., Oct 04, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the five-week period ended September 30, 2006.
Total net sales for the five-week period ended September 30, 2006, increased 27.2% to $28.5 million compared with $22.4 million for the five-week period ended October 1, 2005. Comparable store sales increased 8.3% for the five-week period ended September 30, 2006, compared with a 19.5% increase in the prior-year period. Relocated and expanded stores are included in the comparable store sales results.
During the five-week period ended October 1, 2005, the Company had a total of 36 stores closed for at least one day of the period due to Hurricanes Katrina and Rita, with seven stores remaining closed as of the end of the period. For stores not closed as a result of the hurricanes, the comparable store sales increase was 10.6% for the five-week period ended September 30, 2006, compared with the prior-year period.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 261 stores located in 16 states in the South, Southeast, Midwest and Mid-Atlantic regions, and its website address is http://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, Chairman and Chief Executive Officer, +1-912-443-3705, both of Citi Trends, Inc.
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