Apparel retailer Citi Trends Dec sales rise rapidly
05 Jan '06
2 min read
Family apparel retailer Citi Trends Inc reported unaudited sales results for the five-week period ended December 31, 2005.
Total net sales for the five-week period ended December 31, 2005 increased 46.4 percent to $51.3 million compared with $35.0 million for the five-week period ended January 1, 2005.
Comparable store sales increased 21.4 percent for the five- week period ended December 31, 2005, compared with a 4.3 percent 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 through November, the Company's December 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 sales in the stores located in contiguous areas increased significantly.
This rebound effect more than offset the negative effect of stores that were closed for one or more days due to the hurricanes.
The Company believes that sales increases in its stores located in markets directly affected by the hurricanes and in contiguous markets resulted directly from aid distributed to customers and the need for customers to replace lost or damaged clothing and other items.
These sales increases have begun to dissipate, and the Company anticipates that the magnitude of these increases will continue to diminish over time.
marketing@alchempro.com
