Citi Trends Announces Second Quarter Sales
07 August 2008 - 6:00AM
Business Wire
Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales
results for the second quarter of fiscal 2008. Total sales in the
13-week period ended August 2, 2008 increased 19.5% to $115.7
million compared with $96.8 million in the 13-week period ended
August 4, 2007. Comparable store sales increased 6.5% in the second
quarter, clearly benefiting from the government stimulus checks.
However, sales softened toward the end of the quarter, including a
1.9% decrease in comparable store sales in the month of July. The
increase in sales in the quarter, combined with an improvement in
gross margin due to lower merchandise markdowns and inventory
shrinkage, is expected to result in second quarter earnings per
diluted share in a range of $0.15 to $0.18, compared to last year�s
$0.04. The Company will provide an update to its fiscal 2008
outlook when it reports complete financial results for its second
quarter after the market closes on August 20, 2008. Citi Trends
will host a conference call on the same day at 5:00 p.m. ET. The
number to call for the live interactive teleconference is
(303)�262-2143. A replay of the conference call will be available
until August 27, 2008, by dialing (303)�590-3000 and entering the
passcode, 11113317#. The live broadcast of Citi Trends' quarterly
conference call will be available online at the Company's website,
www.cititrends.com, as well as
http://ir.cititrends.com/medialist.cfm on August 20, 2008,
beginning at 5:00 p.m. ET. The online replay will follow shortly
after the call and continue until August 27, 2008. 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 335 stores located in 21 states in the
Southeast, Mid-Atlantic and Midwest regions and the state of Texas.
Citi Trends� 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 results and 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," "plans," "estimate," "continue," "anticipate," "intend,"
"expect" and similar expressions, as they relate to Citi Trends,
are intended to identify forward-looking statements. Statements
with respect to earnings guidance are forward-looking statements.
Investors are cautioned that any such forward-looking statements
are subject to the finalization of the Company�s quarterly
financial and accounting procedures, are not guarantees of future
performance or results and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Actual results or developments may differ materially from those
included 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 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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