Citi Trends (CTRN) Reports 1.3% Increase in Comps for Q409

Citi Trends, Inc. (NASDAQ: CTRN) today reported unaudited sales results for the fourth quarter and full year of fiscal 2009.

Total sales in the 13-week period ended January 30, 2010 increased 15.8% to $169.8 million compared with $146.6 million in the 13-week period ended January 31, 2009. Comparable store sales increased 1.2% in the fourth quarter. By month, comparable store sales were down 0.3% in November, up 6.1% in December and down 8.1% in January. Sales during the important last weekend of January, which is typically the third largest volume weekend of the year, were adversely affected by numerous weather-related store closings, as well as a shift in the timing of the first of the month around the end of the fiscal period. In addition, income tax refunds, which often spur spending by our customers, are tracking later this year.

Inventories are clean and current, and given the issues described above that caused the sales decline near the end of January, the Company does not believe that sales results for that month are likely to be indicative of the trends that should be expected for the first quarter of 2010.

For the year, total sales increased 13.0% to $551.9 million compared with $488.2 million in fiscal 2008. Comparable store sales increased 0.6% for the full year.

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