Citi Trends F2Q08 (Qtr End 08/02/08) Earnings Call Transcript

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2008-08-20 18:20:22.0

Tags: Citi Trends Inc.

Question-and-Answer Session

Operator

(Operator Instruction) Your first question comes from Evran Kopelman - JP Morgan.

Evran Kopelman - JP Morgan

The first question, just to conform you said August to-date down 1.7%, but if you exclude the Florida impact that it would be about flattish?

Ed Anderson

That’s correct. We said that’s for yesterday, for the first 17 days of August our comp sales were down 1.7%, but we also said that during the same timeframe, we are going against last years Florida tax-free holiday, which they did anniversary and we have calculated that those stores have a negative impact that dived the company comp down about 2% so yes, without the Florida impact during that timeframe the sales would have been about flat during that timeframe. Yes.

Evran Kopelman - JP Morgan

Which is relatively inline with what you expect for the second half right, you said flat to up low single digit, so?

Ed Anderson

We pulled our estimate for the second half back some and you may have read that in the press release, but we have previously said 2% to 3% and if you look at the numbers we are not guiding for the full year, I guess its one to two that implies zero to one for the second half.

Evran Kopelman - JP Morgan

What are the drivers and pressures on comp growth in the second half, if you would talk about those?

Ed Anderson

We don’t see anything new going on in the second half, that really that hasn’t being going on I guess for probably most of this year, other than just a lot we are reading about the economy and the economy is seems to not be getting any better and we listening and watch what other retailers are saying about their business and frankly, our own business was negative in July, almost 2% and it’s been negative even there may be with an asterisk around the 1st of August, but our own business has been negative and so we think it’s prudent to manage business and manage our expectations towards something that’s suppose to flat.

Operator

Your next question comes from Jeff Klinefelter - Piper Jaffray.

Jeff Klinefelter - Piper Jaffray

A few questions for you, first of all Ed just continuing on that comp subject. Last year, could you sort of remind us what your comps where how they kind of flow during the three months of the quarter last year? Didn’t you post fairly strong comps at the beginning of August of last year?

 

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