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Citi Trends announces Q2 fiscal 2008 results

07
Aug '08
Citi Trends Inc reported unaudited sales results for the second quarter of fiscal 2008.

Total sales in the 13-week period ended August 2, 2008 increased 19.5% to $115.7 million compared with $96.8 million in the 13-week period ended August 4, 2007. Comparable store sales increased 6.5% in the second quarter, clearly benefiting from the government stimulus checks. However, sales softened toward the end of the quarter, including a 1.9% decrease in comparable store sales in the month of July.

The increase in sales in the quarter, combined with an improvement in gross margin due to lower merchandise markdowns and inventory shrinkage, is expected to result in second quarter earnings per diluted share in a range of $0.15 to $0.18, compared to last year's $0.04.

The Company will provide an update to its fiscal 2008 outlook when it reports complete financial results for its second quarter after the market closes on August 20, 2008.

Citi Trends Inc is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company currently operates 335 stores located in 21 states in the Southeast, Mid-Atlantic and Midwest regions and the state of Texas.

Citi Trends Inc


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