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Citi Trends announces Q1 2007 results
25 May '07
3 min read
The Company opened 18 stores in the first quarter of 2007, reaching a total store count of 295 at the end of the quarter. For the remainder of the year, the Company plans to open an additional 28 to 30 stores bringing the end of year store count to 323 to 325.
The Company is lowering its estimate of 2007 earnings to a range of $1.64 to $1.68 per diluted share. This guidance is based upon an anticipated fiscal 2007 comparable store sales increase of 3% to 4% on a comparable week basis and flat on a fiscal basis. For the year, the Company expects to open 46 to 48 new stores, with no closings planned.
This store opening schedule in fiscal 2007 is expected to increase selling square footage by approximately 20%, consistent with the Company's previously issued guidance.
The Company reminds investors of the complexity of accurately assessing future growth given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables.
Citi Trends will host a conference call on May 24, 2007, at 5:00 p.m. ET. The number to call for the live interactive teleconference. A replay of the conference call will be available until May 31, 2007.
The Company is lowering its estimate of 2007 earnings to a range of $1.64 to $1.68 per diluted share. This guidance is based upon an anticipated fiscal 2007 comparable store sales increase of 3% to 4% on a comparable week basis and flat on a fiscal basis. For the year, the Company expects to open 46 to 48 new stores, with no closings planned.
This store opening schedule in fiscal 2007 is expected to increase selling square footage by approximately 20%, consistent with the Company's previously issued guidance.
The Company reminds investors of the complexity of accurately assessing future growth given the difficulty in predicting fashion trends, consumer preferences and general economic conditions and the impact of other business variables.
Citi Trends will host a conference call on May 24, 2007, at 5:00 p.m. ET. The number to call for the live interactive teleconference. A replay of the conference call will be available until May 31, 2007.
Citi Trends Inc
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