Home / Knowledge / News / Apparel/Garments / Total sales increases at Citi Trends
Total sales increases at Citi Trends
04
Feb '11
Citi Trends Inc reported unaudited sales results for the fourth quarter and fiscal year ended January 29, 2011.

Total sales in the 13-week period ended January 29, 2011 increased 1.3% to $172.0 million compared with $169.8 million in the 13-week period ended January 30, 2010. Comparable store sales decreased 11.4% in the fourth quarter. By month, comparable store sales were down 2.6% in November, 10.7% in December and 23.5% in January.

The decline in December was due largely to a delay of the government's distribution of extended unemployment benefits until just before Christmas, a significant shortfall in sales of long denim, and a heavy promotional environment that included going-out-of-business sale events by a competitor.

Similar to fiscal 2008 and 2009, January sales were negatively impacted by a continued shift of income tax refunds due to a lack of refund anticipation loan availability for the Company's customers. Comparable store sales began to decline 40% to 50% in the third week of January and continued at that pace until the Internal Revenue Service began sending refunds on January 28, 2011. Since that date, customers have begun shopping Citi Trends' stores with their refund money and we anticipate an improvement in the sales trend in February.

For the year, total sales increased 12.8% to $622.5 million compared with $551.9 million in fiscal 2009. Comparable store sales decreased 1.8% for the full year.

The Company stated that, although the year-end closing process has just begun, based on the negative fourth quarter comparable store sales results and the impact from clearance markdowns needed to keep inventory clean and current, earnings are expected to be approximately $1.30 per diluted share for the full year.

Citi Trends Inc is a value-priced retailer of urban fashion apparel and accessories for the entire family.

Citi Trends Inc

Must ReadView All

Apparel/Garments | On 23rd Mar 2017

UK's National Living Wage to be £7.50 from April 2017

The National Living Wage in the UK for workers aged 25 and above is...

Textiles | On 23rd Mar 2017

Trutzschler launches Toyota-Truetzschler comber machine

Trutzschler, one of the world's leading textile machinery...

Jeff Bezos (L) and Amancio Ortega. Courtesy: Forbes

Apparel/Garments | On 23rd Mar 2017

Amazon founder Jeff Bezos is world's 3rd richest man

The biggest gainer and the third richest man on the Forbes' 31st...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Judy Frater
Somaiya Kala Vidya

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

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search