Citi Trends Q4 Sales Up

Citi Trends, a retailer of urban fashion apparel and accessories, has reported that its total sales in the 13-week period ended February 2, 2008 increased 6.2% to $134.6 million compared with $126.8 million in the 14-week period ended February 3, 2007.

Comparable store sales decreased 1.1%, comparing the 13 weeks ended February 2, 2008, to the 13 weeks ended February 3, 2007.

For the year, total sales in the 52-week period ended February 2, 2008, increased 14.6% to $437.5 million compared with $381.9 million in the 53-week period ended February 3, 2007. The extra week last year contributed approximately $10 million to sales in fiscal 2006. Comparable store sales increased 1%, comparing the 52-week period ended February 2, 2008 to the 52-week period ended February 3, 2007.

The company stated that, although it is very early in the year-end closing process, based on the fourth quarter negative comparable store sales results, together with a related increase in clearance markdowns, the company believes it will recognize earnings per diluted share of approximately $0.42 to $0.46 for the fourth quarter and $0.83 to $0.87 for the full fiscal year of 2007. The company expects to report complete financial results for its fourth quarter and full year and provide its fiscal 2008 outlook after the market closes on March 26, 2008.