UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 29, 2005
Citi Trends, Inc.
(Exact name of registrant as specified in its charter)
Delaware 333-123028 52-2150697
(State or other jurisdiction of (Commission File Number) (IRS Employer
incorporation) Identification No.)
102 Fahm Street, Savannah, Georgia 31401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (912) 236-1561
Former name or former address, if changed since last report: Not applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (See General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre- commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On August 31, 2005, Citi Trends, Inc., a Delaware corporation (the "Company"),
issued a press release relating to the impact of Hurricane Katrina on the
Company's operations. A copy of the press release is attached to this Current
Report on Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. Description
99.1 Press Release dated August 31, 2005
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CITI TRENDS, INC.
Date: August 31, 2005
By: /s/ Thomas W. Stoltz
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Name: Thomas W. Stoltz
Title: Chief Financial Officer
Exhibit Index
Exhibit No. Description
99.1 Press Release dated August 31, 2005.
Exhibit 99.1
CITI TRENDS, INC. ANNOUNCES FISCAL 2005 AUGUST SALES RESULTS
August Net Sales Increased 49.2% to $24.8 Million;
August Comparable Store Sales Increased 20.3%;
The Company Reports on Hurricane Katrina
Savannah, GA - August 31, 2005 - Citi Trends, Inc. (NASDAQ: CTRN) today
reported unaudited sales results for the four-week period ended August 27, 2005.
Total net sales for the four-week period ended August 27, 2005
increased by 49.2% to $24.8 million from $16.6 million reported in the prior
fiscal year. Comparable store sales increased 20.3% for the four-week period
ended August 27, 2005 compared to a 6.7% increase in the four-week period ended
August 28, 2004. Relocated stores and expanded stores are included in the
comparable store sales results.
Ed Anderson, CEO of Citi Trends, Inc., said "We are pleased with August
sales as the positive momentum from the first half of the year continued into
August. However, Hurricane Katrina, which swept across the Gulf Coast states on
Monday, has had a negative effect on our September business. We had 26 stores
closed all or part of this past Monday, 18 stores closed on Tuesday and 16
stores closed today. Eleven of the 16 stores closed today are closed due to
power outages and/or roof and storefront damage. We have not been able to
determine the status of the remaining five stores; two of which are in the New
Orleans area.
We share the concerns of the rest of the country regarding the impact
of this disaster on the lives of the people in the Gulf Coast area. Our thoughts
and prayers are for those people."
Citi Trends, Inc. is insured for certain of the losses to the contents
of its stores, including inventories and equipment.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel
and accessories for the entire family. The Company currently operates 221 stores
located in 12 states in the South, Southeast and Mid-Atlantic region, and our
website address is www.cititrends.com.
Forward-Looking Statements
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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.
Company Contact:
Tom Stoltz
Chief Financial Officer
Citi Trends, Inc
(912) 443-2075
tstoltz@cititrends.com
www.cititrends.com
Ed Anderson
Chief Executive Officer
Citi Trends, Inc
(912) 443-3705
eanderson@cititrends.com
www.cititrends.com