Citi Trends, Inc. Announces January, Fourth Quarter and Fiscal 2006 Sales Results
SAVANNAH, Ga., Feb 07, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Citi Trends, Inc. (Nasdaq: CTRN) today reported unaudited sales results for the 5-week January period, the 14-week Fourth Quarter and the 53-week 2006 Fiscal year, all ended February 3, 2007.
The Company's 2006 Fiscal Year, ending February 3, 2007, contains 53 weeks versus the normal 52 weeks, with the extra week falling in the January 2007 reporting period. The Company is reporting net sales according to the fiscal calendar; e.g., 5 weeks versus 4 weeks in January, 14 weeks versus 13 in the Fourth Quarter and 53 weeks versus 52 weeks for the year. However, for comparable stores sales, the Company is reporting on a comparable store, comparable week basis; e.g. for January, the 5 weeks ended February 3, 2007 compared to the 5 weeks ended February 4, 2006.
The 53rd week of Fiscal 2006, the week ending February 3, 2007, is normally the first week of the First Quarter. This year, due to the fiscal year reporting, that week is added to the Fourth Quarter of 2006. Sales for the week ended February 3, 2007 were approximately $10 million.
For January, total net sales for the five-week period ended February 3, 2007 increased 73.5% to $36.2 million, compared with $20.9 million for the four-week period ended January 28, 2006. Comparable store sales for the five weeks ended February 3, 2007, compared to the five weeks ended February 4, 2006, increased 3.2%. Comparable store sales increased 22.7% in last year's January. Relocated and expanded stores are included in the comparable store sales results.
For the quarter, total net sales for the fourteen-week period ended February 3, 2006 increased 30.9% to $126.8 million compared with $96.8 million for the thirteen-week period ended January 28, 2006. Comparable store sales for the fourteen-week period ended February 3, 2007 compared with the fourteen weeks ended February 4, 2006 increased 1.3%. Comparable store sales increased 22.8% in last year's Fourth Quarter.
For the year, total net sales for the 53-week period ended February 3, 2007 increased 31.8% to $381.9 million compared with $289.8 million for the 52-week period ended January 28, 2006. Comparable store sales for the 53-week period ended February 3, 2007 compared to the 53-week period ending February 4, 2006, increased 8.2%. Comparable store sales increased 16.7% in the 2005 Fiscal Year.
Consistent with trends previously noted in September through December, the Company's prior year 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 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, November and December last year. For January, we estimate that sales in the non-affected comparable stores increased approximately 3% to 4%.
The Company stated that although it is very early in the year-end closing process, it is confirming its previously issued earnings guidance of $1.43 to $1.47 per diluted share for Fiscal 2006 and $1.73 to $1.77 per diluted share for Fiscal 2007.
As previously reported commencing with the First Quarter of Fiscal 2007, the Company will change from a monthly reporting cycle to a quarterly sales reporting cycle.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 277 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, for Citi Trends, Inc.; or Ed Anderson, Chairman and CEO of Citi Trends, Inc., +1-912-443-3705
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