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): October 18, 2005
Citi Trends, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
333-123028 |
52-2150697 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer 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):
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] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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] 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 October 19, 2005, Citi Trends, Inc., a Delaware corporation (the “Company”), issued a press release announcing the acquisition of a distribution facility in Darlington, SC. A copy of the press release is attached to this Current Report on Form 8-K (“Current Report”) as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
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Exhibit No. |
Description |
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99.1 |
Press Release dated October 19, 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.
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CITI TRENDS, INC. |
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Date: October 19, 2005 |
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By: /s/ Thomas W. Stoltz | |
Name: Thomas W. Stoltz
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Title: |
Chief Financial Officer |
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Exhibit Index |
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Exhibit No. |
Description |
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99.1 |
Press Release dated October 19, 2005. |
Exhibit 99.1
CITI TRENDS DOUBLES DISTRIBUTION CAPACITY WITH ACQUISITION
OF 286,500 SQUARE FOOT FACILITY
Darlington, SC Facility to be Operational in December 2005
SAVANNAH, GA (October 19, 2005) — Citi Trends, Inc. (NASDAQ: CTRN) today announced that the Company has acquired a 286,500 square foot distribution center in Darlington, SC. The new distribution center complements the Company's two existing facilities in the Savannah area that total approximately 240,000 square feet.
Situated on over 90 acres, the distribution center is expected to support an additional 250 to 300 stores. While the Company did not disclose the purchase price of the property, the cost of the property, including the costs of improvements and equipment, will total $3 million to $4 million. The Company expects to begin receiving its first shipments in the new facility in December 2005 and will slowly build activity over the following several months to insure a smooth start-up. Start-up costs are anticipated during the first few months of operation, but are not projected to be material.
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 224 stores (including 4 stores currently closed due to the hurricanes) located in 12 states in the South, Southeast and Mid-Atlantic regions, and our website address is www.cititrends.com. CTRN-E
Forward-Looking Statements
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.
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Contact: |
Tom Stoltz |
Ed Anderson |
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Citi Trends, Inc. |
Citi Trends, Inc. |
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Chief Financial Officer |
Chief Executive Officer | |||||
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(912) 443-2075 |
(912) 443-3705 |
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