Citi Trends, Inc. Announces January, Fourth Quarter and Fiscal 2005 Sales Results
SAVANNAH, Ga., Feb 01, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the four-week, thirteen-week and 52-week periods ended January 28, 2006.
Total net sales for the four-week period ended January 28, 2006 increased 48.3% to $20.9 million compared with $14.1 million for the four-week period ended January 29, 2005. Comparable store sales increased 22.7% for the four- week period ended January 28, 2006, compared with a 10.1% increase in the prior-year period. Relocated and expanded stores are included in the comparable store sales results.
Total net sales for the thirteen-week period ended January 28, 2006 increased 46.0% to $96.8 million compared with $66.3 million for the thirteen- week period ended January 29, 2005. Comparable store sales increased 22.8% for the thirteen-week period ended January 28, 2006, compared with a 4.6% increase in the prior-year period.
Total net sales for the 52-week period ended January 28, 2006 increased 42.5% to $289.8 million compared with $203.4 million for the 52-week period ended January 29, 2005. Comparable store sales increased 16.7% for the 52-week period ended January 28, 2006, compared with a 3.0% increase in the prior-year period.
Consistent with trends previously noted in September through December, the Company's January 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 18.8% for January.
The Company opened 36 stores in fiscal 2005, reaching a total store count of 236 (including two stores currently closed due to the hurricanes).
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 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.
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