Citi Trends Inc reported results for the second quarter ended August 4, 2007.
Financial Highlights - 13 weeks ended August 4, 2007: Total net sales increased 26.9% to $96.8 million compared with $76.3 million in the 13-week period ended July 29, 2006. Comparable store sales increased 3.4% 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 August 4, 2007 in relation to the thirteen weeks ended August 5, 2006. On a fiscal quarter basis, comparing the thirteen weeks ended August 4, 2007 with the thirteen weeks ended July 29, 2006, comparable store sales increased 9.4%.
Net income decreased to $627,000 compared with $1,276,000 in the prior- year quarter. Net income per diluted share decreased to $0.04, including $0.03 of expense related to a secondary stock offering, compared with $0.09 in last year's second quarter.
The Company opened 5 stores in the second quarter of 2007, reaching a total store count of 300 at the end of the quarter. For the remainder of the fiscal year, the Company plans to open an additional 20 to 22 stores bringing the end of year store count to 320 to 322.