Sales rise marginally by 2.2% at Citi Trends in FY'13

Comparable store sales in November increased 1%, continuing the slight positive trend that we began in the third quarter.

Comparable store sales in December decreased 10%. We mentioned on the third quarter earnings call that we expected a drag on fourth quarter sales from lower layaways. The drag impacted the December month by more than 3% and the quarter by about 2%.

Additionally, we cautioned about the potential difficulty of comparing to last year’s promotional environment. Last year’s promotional environment was felt most in the ladies’ business in December. Sales in December were also impacted at the end of the month by a shift in sales around the first of January into the January fiscal month.

Comparable store sales in January dropped 28%. January comparable sales were actually up 10% for the first three weeks of the five-week month, benefiting from the calendar change mentioned above regarding December. But as mentioned, sales the last two weeks dropped over $16 million due primarily to the timing of tax refund driven sales.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 513 stores located in 29 states.

Citi Trends Inc