Citi Trends Inc comparable store sales progress 20.3%
01 Sep '05
2 min read
Savannah, Georgia based Citi Trends Inc reported unaudited sales results for the four-week period ended August 27, 2005.
Total net sales for the four-week period ended August 27, 2005 increased by 49.2 percent to $24.8 million from $16.6 million reported in the prior fiscal year. Comparable store sales increased 20.3 percent for the four-week period ended August 27, 2005 compared to a 6.7 percent increase in the four-week period ended August 28, 2004. Relocated stores and expanded stores are included in the comparable store sales results.
Ed Anderson, CEO of Citi Trends Inc, said, "They are pleased with August sales as the positive momentum from the first half of the year continued into August. However, Hurricane Katrina, which swept across the Gulf Coast states on Monday, has had a negative effect on September business. They had 26 stores closed all or part of this past Monday, 18 stores closed on Tuesday and 16 stores closed today. Eleven of the 16 stores closed today are closed due to power outages and/or roof and storefront damage. They have not been able to determine the status of the remaining five stores; two of which are in the New Orleans area."
"They share the concerns of the rest of the country regarding the impact of this disaster on the lives of the people in the Gulf Coast area. Thoughts and prayers are for those people."
Citi Trends Inc is insured for certain of the lossesto the contents of its stores, including inventories and equipment.Citi Trends Inc is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 214 stores located in 12 states in the South, Southeast and Mid-Atlantic region.
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