Citi Trends announces Oct and Q3 2006 sales results
02 Nov '06
2 min read
Citi Trends Inc reported unaudited sales results for the four-week and thirteen-week periods ended October 28, 2006.
Total net sales for the four-week period ended October 28, 2006 increased 14.6 percent to $26.0 million compared with $22.7 million for the four-week period ended October 29, 2005.
Comparable store sales decreased 4.0 percent for the four-week period ended October 28, 2006, compared with a 37.0 percent increase in the prior-year period. Relocated and expanded stores are included in the comparable store sales results.
Total net sales for the thirteen-week period ended October 28, 2006 increased 24.6 percent to $87.1 million compared with $69.9 million for the thirteen-week period ended October 29, 2005.
Comparable store sales increased 6.2 percent for the thirteen-week period ended October 28, 2006, compared with a 25.0 percent increase in the prior-year period.
During the months of September and October 2005, the Company had a total of 38 stores closed for at least one day of the period due to Hurricanes Katrina, Rita and Wilma with 5 stores remaining closed as of the end of October of last year.
Those lost store sales days had a significant negative effect on sales for this prior-year period.
However, after the hurricanes, sales in the stores directly affected by the hurricanes as well as stores located in contiguous areas increased dramatically.
This rebound effect significantly more than offset the negative effect of the closings during September and October last year.
For the current fiscal year, we estimate that sales in the non-affected comparable stores increased approximately 4 percent to 5 percent in October and approximately 9 percent to 10 percent for the quarter.
Third Quarter Conference Call Schedule Citi Trends plans to issue its earnings release for the third quarter before the market opens on Friday, November 17, 2006, and will host a conference call later that morning at 9:30 a.m. ET.
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