Citi Trends net sales up to $91.7mn, to add stores
19 May '06
2 min read
Citi Trends Inc reported results for the first quarter ended April 29, 2006.
Financial Highlights - 13 weeks ended April 29, 2006 Total net sales increased 44.1 percent to $91.7 million compared with $63.6 million for the 13-week period ended April 30, 2005. Comparable store sales increased 21.0 percent compared with a 6.9 percent increase in the prior-year quarter.
Relocated and expanded stores are included in the comparable store sales results. Net income increased 111 percent to $6.9 million compared with $3.3 million for the prior-year quarter. Earnings per diluted share increased 63 percent to $0.49 compared with $0.30 in the prior-year quarter.
For the first quarter, the Company opened 15 stores, reaching a total store count of 250 at the end of the quarter. For the remainder of the year, the Company plans to open an additional 25 to 28 stores bringing the end of year store count to 275 to 278.
Fiscal 2006 Outlook The Company is increasing its fiscal 2006 earnings guidance to a range of $1.43 to $1.47 per diluted share. This guidance is based upon an anticipated fiscal 2006 comparable store sales increase of between 3 percent and 5 percent, the opening of 40 to 43 new stores, with no closings planned, and 14.0 million diluted shares outstanding.
The Company reminds investors of the complexity of accurately assessing future growth given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables.
marketing@alchempro.com
