Citi Trends Announces Second Quarter Sales
09 August 2007 - 8:13AM
PR Newswire (US)
Net sales increased 26.8% to $96.8 million for the second quarter
of fiscal 2007; Comparable store sales increased 3.4% on a
comparable store, comparable week basis and increased 9.4% on a
fiscal quarter basis SAVANNAH, Ga., Aug. 8 /PRNewswire-FirstCall/
-- Citi Trends, Inc. (NASDAQ:CTRN) today reported unaudited sales
results for the second quarter of fiscal 2007. Total sales for the
thirteen-week period ended August 4, 2007, increased 26.8% to $96.8
million compared with $76.3 million for the thirteen-week period
ended July 29, 2006. Comparable store sales increased 3.4% on a
comparable store, comparable week basis. Each quarter of fiscal
2007 starts one week later than the same quarter of 2006, due to
the Company's 2006 fiscal year having 53 weeks versus the normal 52
weeks. This timing shift can have a significant impact on quarterly
sales comparisons. The measurement of sales in comparable stores
for comparable weeks above is based on sales during the thirteen
weeks ended August 4, 2007, in relation to the thirteen weeks ended
August 5, 2006. On a fiscal quarter basis, comparing the thirteen
weeks ended August 4, 2007, with the thirteen weeks ended July 29,
2006, comparable store sales increased 9.4%. After a strong start
to the quarter throughout May and June, comparable store sales
trends turned negative in July on a comparable week basis. The
negative trend in July appears to be at least partially due to
later school openings this year in many states and a related shift
in sales tax holidays in Florida and Texas from July to August. In
addition, in the quarter the Company had a lower gross margin and
higher expenses than expected. Based on information currently
available related to second quarter results, management believes
its earnings will be in a range of $0.02 to $0.05 per diluted
share, including approximately $0.02 of expense related to a
follow-on stock offering. In addition to reporting its full
financial results for the second quarter after the market closes on
August 29, 2007, Citi Trends will provide an interim update on
August back-to-school sales at that time. About Citi Trends Citi
Trends, Inc. is a value-priced retailer of urban fashion apparel
and accessories for the entire family. The Company currently
operates 300 stores located in 18 states in the Southeast,
Mid-Atlantic and Midwest regions and the state of Texas. Citi
Trends' 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: Ed Anderson, Chief Executive Officer,
+1-912-443-3705, or Bruce Smith, Chief Financial Officer,
+1-912-443-2075, both of Citi Trends, Inc. Web site:
http://www.cititrends.com/
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