Urban fashion apparel retailer Citi Trends Jan sales up
08 Feb '07
3 min read
For the quarter, total net sales for the fourteen-week period ended February 3, 2006 increased 30.9% to $126.8 million compared with $96.8 million for the thirteen-week period ended January 28, 2006. Comparable store sales for the fourteen-week period ended February 3, 2007 compared with the fourteen weeks ended February 4, 2006 increased 1.3%. Comparable store sales increased 22.8% in last year's Fourth Quarter.
For the year, total net sales for the 53-week period ended February 3, 2007 increased 31.8% to $381.9 million compared with $289.8 million for the 52-week period ended January 28, 2006. Comparable store sales for the 53-week period ended February 3, 2007 compared to the 53-week period ending February 4, 2006, increased 8.2%. Comparable store sales increased 16.7% in the 2005 Fiscal Year.
Consistent with trends previously noted in September through December, the Company's prior year January 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 stores located in contiguous areas, increased dramatically.
This rebound effect significantly more than offset the negative effect of the stores that were closed during September, October, November and December last year. For January, we estimate that sales in the non-affected comparable stores increased approximately 3% to 4%.
The Company stated that although it is very early in the year-end closing process, it is confirming its previously issued earnings guidance of $1.43 to $1.47 per diluted share for Fiscal 2006 and $1.73 to $1.77 per diluted share for Fiscal 2007.
As previously reported commencing with the First Quarter of Fiscal 2007, the Company will change from a monthly reporting cycle to a quarterly sales reporting cycle.
marketing@alchempro.com
