Home / Knowledge / News / Apparel/Garments / Citi Trends FY'14 sales fall 5%
Citi Trends FY'14 sales fall 5%
12
Feb '14
Citi Trends, Inc reported unaudited sales results for the fourth quarter and fiscal year ended February 1, 2014. 
 
The Company's 2013 fiscal year contained 52 weeks, while the 2012 fiscal year contained 53 weeks. Accordingly, the comparison of total sales between fiscal years is affected by the extra week of sales at the beginning of fiscal 2012. 
 
Total sales in fiscal 2013 decreased 5.0% to $622.2 million compared with $654.7 million in fiscal 2012, with the extra week at the beginning of last year contributing approximately $21 million. For comparable store sales, the Company is reporting on a comparable weeks basis (i.e. the 52 weeks ended February 1, 2014 compared to the 52 weeks ended February 2, 2013). Comparable store sales on a comparable weeks basis decreased 1.6% for the year. 
 
The Company's 2013 fiscal fourth quarter contained 13 weeks, while the 2012 fiscal fourth quarter contained 14 weeks. Accordingly, the comparison of total sales between quarters is affected by an extra week of sales at the beginning of the fourth quarter of fiscal 2012. 
 
Total sales in fiscal 2013's fourth quarter decreased 10.5% to $157.2 million compared with $175.7 million in last year's fourth quarter, with the extra week at the beginning of fiscal 2012's fourth quarter contributing approximately $12 million to total sales. 
 
For comparable store sales, the Company is reporting on a comparable weeks basis (i.e. the 13 weeks ended February 1, 2014 compared to the 13 weeks ended February 2, 2013). Comparable store sales on a comparable weeks basis decreased 3.5% for the quarter. By month, comparable store sales on a comparable weeks basis increased 0.4% in November and decreased 4.6% and 6.5% in December and January, respectively. 
 
Ed Anderson, Chairman and Chief Executive Officer, commented, "We are disappointed with the 3.5% comparable store sales decrease in the fourth quarter. We had expected more sales due to the positive momentum from the previous two quarters as well as a slight sales increase in November. 
 
The hanging apparel businesses - ladies, men's and kids - all decreased in the fourth quarter. Our strategy for cold weather product, particularly in ladies apparel, proved to be too conservative and we missed sales as a result. In addition, winter storms caused a large part of the January sales decrease. 
 
There were several positives in the quarter. The accessories, including footwear, and home businesses continued to deliver sales increases. Cost of sales as a percentage of sales improved approximately 400 basis points due to better inventory management, which resulted in fewer clearance markdowns. Also, despite sales being below expectations, we ended the quarter with 10% less inventory than a year ago. 
 
We believe we are positioned for a successful Spring selling season, and we continue to feel very good about our progress at Citi Trends." 
 

Citi Trends


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search