Citi Trends, Inc. Reports Unaudited Sales Results for the First Two Months of the Fourth Quarter of Fiscal 2018; Sales Results for the First Eleven Months of 2018; Revises Earnings Guidance for the Fourth Quarter and Full Year of 2018
January 15, 2019 at 02:53 am IST
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Citi Trends, Inc. reported unaudited sales results for the first two months of the fourth quarter of fiscal 2018. For the period, the company reported total sales in the first two months of the fourth quarter of 2018 decreased 1.9% to $161.9 million compared with $165.1 million in the same period of 2017. Comparing the nine weeks ended January 5, 2019 with the nine weeks ended January 6, 2018, comparable store sales decreased 0.7% during the two-month period, following a 4.8% increase in last year's fiscal November/December timeframe.
Total sales in the first 11 months of 2018 increased 3.1% to $730.2 million compared with $708.2 million in the same period of 2017. Comparable store sales increased 1.4% in the first 11 months of 2018, comparing the 48 weeks ended January 5, 2019 with the 48 weeks ended January 6, 2018.
Based on the November/December sales results and expectations for the remainder of the fourth quarter of fiscal 2018, the company has revised its diluted earnings per share guidance downward and now expects it to be in a range of $0.54 to $0.58 which, at its midpoint, would reflect a 47% increase from the $0.38 earned in the fourth quarter of 2017.
Full year fiscal 2018 guidance is in a range of $1.60 to $1.64 which, at its midpoint, represents a 57% increase from the $1.03 earned in the full year fiscal 2017.
Citi Trends, Inc. is a specialty retailer of apparel, accessories and home trends primarily for African American and multicultural families in the United States. The Company operates over 602 stores located in 33 states. It offers a range of merchandise, including a range of apparel for juniors, missy and women (plus size), including sportswear, outerwear, sleepwear, lingerie and scrubs; selection of apparel for men and big men, including sportswear and outerwear; an assortment of basics, fashion and trends for boys up to size 20 and girls up to size 16 and also, sizes for newborns, infants and toddlers, as well as kids uniforms and accessories; fashionable handbags, hats, belts, sunglasses, jewelry and watches for men and women, underwear and socks for the entire family, as well as beauty and fragrance offerings for women and men; home goods for the bedroom, bathroom, kitchen and decorative accessories, and casual and dress footwear in sizes for men, ladies and kids.
Citi Trends, Inc. Reports Unaudited Sales Results for the First Two Months of the Fourth Quarter of Fiscal 2018; Sales Results for the First Eleven Months of 2018; Revises Earnings Guidance for the Fourth Quarter and Full Year of 2018