Citi Trends Inc reported results for the third quarter ended October 28, 2006.
Financial Highlights - 13 weeks ended October 28, 2006
Total net sales increased 24.6 percent to $87.1 million compared with $69.9 million for the 13-week period ended October 29, 2005. Comparable store sales increased 6.2 percent compared with a 25.0 percent increase in the prior-year quarter. Relocated and expanded stores are included in the comparable store sales results.
Net income increased 6.7 percent to $2.8 million compared with $2.6 million for the prior-year quarter. Earnings per diluted share increased 11.1 percent to $0.20 compared with $0.18 in the prior-year quarter.
For the third quarter, the Company opened 13 stores, bringing the new store year-to-date count to 31 and reaching a total store count of 266 at the end of the quarter.
During the fourth quarter, the Company plans to open an additional 10 to 11 stores bringing the end of year store count to 276 to 277.
Financial Highlights - 39 weeks ended October 28, 2006
Total net sales increased 32.2 percent to $255.1 million compared with $193.0 million for the 39-week period ended October 29, 2005. Comparable store sales increased 11.6 percent compared with a 14.1 percent increase in the prior-year period.
Net income increased 74.9 percent to $11.0 million compared with $6.3 million for the prior-year period. Earnings per diluted share increased 59.2 percent to $0.78 compared with $0.49 in the prior-year period.
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