Citi Trends, Inc. Announces Fiscal 2005 September Sales Results
October 05 2005 - 6:05PM
PR Newswire (US)
Net Sales Increased 43.1% to $22.4 Million; Comparable Store Sales
Increased 19.5%; Updates the Impact of the Hurricanes SAVANNAH,
Ga., Oct. 5 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today reported unaudited sales results for the
five-week period ended October 1, 2005. Total net sales for the
five-week period ended October 1, 2005 increased 43.1% to $22.4
million compared with $15.7 million for the five-week period ended
October 2, 2004. Comparable store sales increased 19.5% for the
five- week period ended October 1, 2005, compared with a 1.7%
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 7 stores remaining closed as of
the end of the period. Excluding the stores closed as a result of
the hurricanes from both the current and prior-year periods, the
Company would have reported a total net sales increase for the
five-week period ended October 1, 2005 of 35.5% and a comparable
store sales increase of 13.8% for the five-week period ended
October 1, 2005. As stores reopened during the period, their
post-hurricane sales more than offset the closed days' negative
sales impact. For fiscal 2005, the Company plan was to open 40 new
stores, including 16 new stores after September 2005. Due to the
expected inability to open new stores originally targeted to open
in markets affected by the hurricanes, the Company now expects to
open approximately 37 new stores in fiscal 2005. With the revised
number of new store openings and the uncertainty of reopening the 7
currently closed stores, the Company estimates that it will end the
year with a total of 230 to 237 stores in operation. Based on the
Company's sales trends to date in the third quarter and the
stronger-than-expected sales performance of the stores that have
reopened since the hurricanes, offset by the revised expectations
for new store openings in fiscal 2005, the Company remains
comfortable with its previously issued fiscal 2005 outlook of
earnings per share in a range of $0.75 to $0.78. This outlook
includes a one-time termination fee of $1.2 million, or $0.05 per
share charge, that the Company previously disclosed. 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 the 7 stores currently closed due to the
hurricanes) located in 12 states in the South, Southeast and
Mid-Atlantic region, and our website address is
http://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. DATASOURCE: Citi Trends, Inc. CONTACT:
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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