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Citi Trends' Q3 total net sales for four-week period rises 64.9%

04
Nov '05
Savannah, Georgia based Citi Trends Inc reported unaudited sales results for the four-week period and third quarter ended October 29, 2005.

Total net sales for the four-week period ended October 29, 2005 increased 64.9 percent to $22.7 million compared with $13.8 million for the four-week period ended October 30, 2004. Comparable store sales increased 37.0 percent for the four- week period ended October 29, 2005, compared with a 0.0 percent increase in the prior-year period.

Total net sales for the thirteen-week period ended October 29, 2005 increased 51.8 percent to $69.9 million compared with $46.0 million for the thirteen- week period ended October 30, 2004. Comparable store sales increased 25.0 percent for the thirteen-week period ended October 29, 2005, compared with a 3.0 percent increase in the prior-year quarter. Relocated and expanded stores are included in the comparable store sales results.

During the months of September and October 2005, the Company had a total of 38 stores closed for at least one day of the period due to Hurricanes Katrina, Rita and Wilma with 5 stores remaining closed as of the end of October. Those lost store sales days had a significant negative effect on sales for this period. However, after the hurricanes, sales in the stores directly affected by the hurricanes as well as stores located in contiguous areas have increased dramatically. This rebound effect has significantly more than offset the negative affect of the closings. They estimate that sales in the non-affected comparable stores increased approximately 18-20 percent in October and approximately 17-19 percent for the quarter.


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