Citi Trends, Inc. Announces Fiscal 2005 November Sales Results
November 30 2005 - 4:00PM
PR Newswire (US)
Net Sales Increased 43.5% to $24.7 million; Comparable Store Sales
Increased 26.0%; Updates the Impact of the Hurricanes SAVANNAH,
Ga., Nov. 30 /PRNewswire-FirstCall/ -- Citi Trends, Inc.
(NASDAQ:CTRN) today reported unaudited sales results for the
four-week period ended November 26, 2005. Total net sales for the
four-week period ended November 26, 2005 increased 43.5% to $24.7
million compared with $17.2 million for the four-week period ended
November 27, 2004. Comparable store sales increased 26.0% for the
four- week period ended November 26, 2005, compared with a 0.9%
increase in the prior-year period. Relocated and expanded stores
are included in the comparable store sales results. Consistent with
trends previously noted in September and October, the Company's
November 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 have increased dramatically.
This rebound effect has significantly more than offset the negative
effect of the closings. Sales in the non-affected comparable stores
increased approximately 17-19% for November. The Company has opened
27 stores to date in fiscal 2005, reaching a total store count of
227 (including the four stores currently closed due to the
hurricanes). The Company plans to open 10 additional new stores in
the fourth quarter and re-open by year end from none to two of the
four stores currently closed, bringing the stores in operation at
year end to a total of 233 to 235 stores in operation. Citi Trends,
Inc. is a value-priced retailer of urban fashion apparel and
accessories for the entire family. The Company currently operates
227 stores (including the 4 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. Web site: http://www.cititrends.com/
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