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Citi Trends announces Q1 2007 results

25
May '07
Citi Trends Inc reported results for the first quarter ended May 5, 2007.

Total net sales increased 16.2% to $106.6 million compared with $91.7 million for the 13-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 13 weeks ended May 5, 2007, in relation to the 13 weeks ended May 6, 2006.

On a fiscal quarter basis, comparing the 13 weeks ended May 5, 2007 with the 13 weeks ended April 29, 2006, comparable store sales decreased 3.3%. Relocated and expanded stores are included in the comparable store sales results.

Sales comparisons for the first quarter of 2007 were difficult as the result of a 21.0% comparable store sales increase during last year's first quarter.

In addition, unseasonably cool weather just prior to Easter, historically the Company's second largest selling period of the year, hurt sales of Spring/Summer apparel in 2007.

Net income decreased 17.0% to $5.7 million compared with $6.9 million in the prior-year quarter. Net income per diluted share decreased 18.4% to $0.40 compared with $0.49 in last year's first quarter.


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