Citi Trends Q4 Comps Down 3.5% - Quick Facts

(RTTNews) - Citi Trends Inc. (CTRN) reported unaudited sales results for the fourth quarter ended February 1, 2014.

For comparable store sales, the company reports on a comparable weeks basis (i.e. the 13 weeks ended February 1, 2014 compared to the 13 weeks ended February 2, 2013). Comparable store sales on a comparable weeks basis decreased 3.5% for the quarter. By month, comparable store sales on a comparable weeks basis increased 0.4% in November and decreased 4.6% and 6.5% in December and January, respectively.

The company's 2013 fiscal fourth quarter contained 13 weeks, while the 2012 fiscal fourth quarter contained 14 weeks. Accordingly, the comparison of total sales between quarters is affected by an extra week of sales at the beginning of the fourth quarter of fiscal 2012.

Total sales in fiscal 2013's fourth quarter decreased 10.5% to $157.2 million compared with $175.7 million in last year's fourth quarter, with the extra week at the beginning of fiscal 2012's fourth quarter contributing approximately $12 million to total sales.

Ed Anderson, Chairman and Chief Executive Officer, said,"We are disappointed with the 3.5% comparable store sales decrease in the fourth quarter. We had expected more sales due to the positive momentum from the previous two quarters as well as a slight sales increase in November."