Citi Trends Comp store sales up 9%, 26-weeks ended July 30

25 Aug '05
3 min read

Savannah, Georgia based Citi Trends Inc reported results for the thirteen and twenty-six weeks ended July 30, 2005.

Quarter Ended July 30, 2005
Total net sales for the thirteen weeks ended July 30, 2005 increased by 38.2 percent to $59.4 million from $43.0 million reported in the prior year. Comparable store sales increased 11.5 percent for the thirteen weeks ended July 30, 2005 compared to 0.3 percent in the thirteen weeks ended July 31, 2004. Total net sales for the twenty-six weeks ended July 30, 2005 increased by 35.1 percent to $123.1 million from $91.1 million reported in the prior year.

Comparable store sales increased 9.0 percent for the twenty-six weeks ended July 30, 2005 compared to 2.0 percent in the twenty-six weeks ended July 31, 2004. Relocated stores and expanded stores are included in the comparable store sales results.

The Company reported net income for the thirteen weeks ended July 30, 2005 of approximately $381,000, or $0.03 per diluted share, compared to net loss of approximately $41,000 or $0.00 per diluted share in the thirteen weeks ended July 31, 2004. The Company reported net income for the twenty-six weeks ended July 30, 2005 of $3.6 million, or $0.30 per diluted share, compared to net income of $2.2 million or $0.20 per diluted share in the twenty-six weeks ended July 31, 2004.

The Company paid a one-time fee in the second quarter of $1.2 million pre- tax, or $0.05 per diluted share, to Hampshire Equity Partners to terminate its management consulting agreement with the Company, as previously disclosed by the Company in the prospectus for its initial public offering. The fee is included in the net income results reported above.

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