Citi Trends Inc reported unaudited sales results for the first quarter of fiscal 2007. Total sales for the thirteen-week period ended May 5, 2007 increased 16.2% to $106.6 million compared with $91.7 million for the thirteen-week period ended April 29, 2006. Comparable store sales increased 0.6% on a comparable store, comparable week basis.
Each quarter of fiscal 2007 starts one week later than the same quarter of 2006, due to the Company's 2006 fiscal year having 53 weeks versus the normal 52 weeks.
This timing shift can have a significant impact on quarterly sales comparisons. The measurement of sales in comparable stores for comparable weeks above is based on sales during the thirteen weeks ended May 5, 2007 in relation to the thirteen weeks ended May 6, 2006.
On a fiscal quarter basis, comparing the thirteen weeks ended May 5, 2007 with the thirteen weeks ended April 29, 2006, comparable store sales decreased 3.3%.
Sales comparisons for the first quarter of 2007 were difficult as the result of a 21% comparable store sales increase during last year's first quarter.
In addition, unseasonably cool weather just prior to Easter, historically our second largest selling period of the year, hurt sales of Spring/Summer apparel.
The Company had previously released guidance that first quarter 2007 earnings were expected to be in a range of $0.44 to $0.49 per diluted share. In light of the reported sales results, as well as information currently available related to operating expenses, management is revising its guidance for first quarter earnings to $0.37 to $0.40 per diluted share.
The Company expects to report full financial results for its first quarter after the market closes on May 24, 2007.
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