Citi Trends Reports Decreased Q4 Comparable Store Sales

Citi Trends, a retailer of fashion apparel and accessories, has reported that comparable store sales decreased 1.1% for the 13-week quarter ended February 2, 2008 when compared to the 13 weeks ended February 3, 2007.

The company reported that total sales in the 13-week quarter ended February 2, 2008 increased 6.2% to $134.6 million, compared with $126.8 million in the 14-week quarter ended February 3, 2007. Net income was $8.4 million, compared with $10.4 million in last year’s fourth quarter. Earnings per diluted share were $0.59 in the fourth quarter of 2007, compared to $0.73 in 2006.

Total sales in the 52-week fiscal year ended February 2, 2008 increased 14.6% to $437.5 million, compared with $381.9 million in the 53-week fiscal year ended February 3, 2007.

Comparable store sales increased 1%, comparing the 52 weeks ended February 2, 2008 to the 52 weeks ended February 3, 2007. Net income was $14.2 million in 2007, compared with $21.4 million in 2006. Earnings per diluted share were $1 in 2007, compared with $1.51 in 2006.