Citi Trends (CTRN) Q4, FY14 Sales Outpace Expectations

Citi Trends (NASDAQ: CTRN) eported unaudited sales results for the fourth quarter and fiscal year ended January 31, 2015.

Total sales in the 13-week period ended January 31, 2015, increased 15.2% to $181.1 million compared with $157.2 million in the 13-week period ended February 1, 2014. Comparable store sales increased 13.9% in the fourth quarter. By month, comparable store sales were up 7.7% in November, up 13.5% in December and up 26.6% in January. The sales comparison for the month of January benefited from a number of winter storm-related closings last year and an earlier start to tax refund season the last two days of the month this year. Comparable store sales were up approximately 15% in January until the last two days, which were up nearly 75% (approximately $3 million). For the quarter, comparable store sales were up approximately 12% prior to the last two days of January.

For the year, total sales increased 7.8% to $670.8 million compared with $622.2 million in fiscal 2013. Comparable store sales increased 7.5% for the full year.

*** The consensus called for Q4 sales of $171.8 million and FY14 sales of $661.5 million.

Ed Anderson, Chairman and Chief Executive Officer, commented, “We are very pleased with the fourth quarter sales, as the strong momentum from the third quarter continued throughout the entire fourth quarter. Clearly, our merchandise assortments were more on point this year. In particular, we did a better job with all of our cold-weather merchandise. All five merchandise divisions delivered meaningful sales growth, and, geographically, we delivered strong sales across all weather zones and store regions.

“We are optimistic about the first quarter of 2015. We have strong momentum and we believe our inventories are well positioned to drive sales increases.”

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