Citi Trends, Inc. reported total net sales for the four-week period ended October 29, 2005 increased 64.9% to $22.7 million compared with $13.8 million for the four-week period ended October 30, 2004. Comparable store sales increased 37.0% for the month compared with flat comps last year.
Total net sales for the thirteen-week period ended October 29, 2005 increased 51.8% to $69.9 million compared with $46.0 million for the thirteen- week period ended October 30, 2004. Comparable store sales increased 25.0% for the thirteen-week period ended October 29, 2005, compared with a 3.0% increase in the prior-year quarter. Relocated and expanded stores are included in the comparable store sales results.
During the months of September and October 2005, the company had a total of 38 stores closed for at least one day of the period due to Hurricanes Katrina, Rita and Wilma with 5 stores remaining closed as of the end of October. Those lost store sales days had a significant negative effect on sales for this period. However, after the hurricanes, sales in the stores directly affected by the hurricanes as well as stores located in contiguous areas have increased dramatically. This rebound effect has significantly more than offset the negative affect of the closings. We estimate that sales in the non-affected comparable stores increased approximately 18-20% in October and approximately 17-19% for the quarter.
For fiscal 2005, the company plan was to open 40 new stores. Due to the expected inability to open new stores originally targeted to open in markets affected by the hurricanes, the company now expects to open approximately 37 new stores in fiscal 2005. With the revised number of new store openings and the uncertainty of reopening the 5 currently closed stores, the company estimates that it will end the year with a total of 232 to 237 stores in operation.
