Citi Trends sales down in fourth quarter
Savannah-based Citi Trends Inc. (NASDAQ: CTRN) reported Wednesday total sales in fiscal 2013, which had 52 weeks, a decrease of 5.0 percent to $622.2 million compared with $654.7 million in fiscal 2012, which had 53 weeks.
The extra week at the beginning of last year contributed approximately $21 million.
Comparable store sales on a comparable weeks basis decreased 1.6 percent for the year, the company reported.
Sales in fiscal 2013’s fourth quarter decreased 10.5 percent to $157.2 million compared with $175.7 million in last year’s fourth quarter, which had an extra week.
Comparable store sales decreased 3.5 percent for the quarter.
“We are disappointed with the 3.5 percent comparable store sales decrease in the fourth quarter,” said chairman and CEO Ed Anderson. “We had expected more sales due to the positive momentum from the previous two quarters as well as a slight sales increase in November.”
Citi Trends operates 505 stores in 29 states.
Solar power plant opens in south Ga.
CAMILLA — Mitchell County officials expect a new solar power plant to offer energy to thousands of homes in south Georgia.
The county’s Economic Development Authority held a ribbon-cutting ceremony for the Camilla Power Plant on Tuesday. The $30-million project covers 150 acres and includes 67,000 solar panels. Planners have said the plant should be able to provide power to about 5,000 homes on sunny days.
EDA Chairman Joe Bostick estimates that the plant will generate $300,000 annually in school and ad valorem tax revenue for the rural county about 30 miles south of Albany.
Realty company gets management contract
Lanier Association Management, a division of Lanier Realty, has been named the new homeowners association management agency for The Residences on Turner’s Creek on Wilmington Island.
As the property management company, Lanier will serve as the managing agent to the association’s board of directors to provide comprehensive accounting services, covenant enforcement, rules and regulations, contract supervision and property maintenance for the units, grounds, pool and community dock at The Residences on Turner’s Creek.
Newest Parker’s to open in Lyons
Parker’s convenience stores, with locations across southeast Georgia and coastal South Carolina, will hold a grand-opening and ribbon-cutting ceremony Friday for a new store in Lyons.
Parker’s president and CEO Greg Parker and Toombs County dignitaries will cut the ribbon of the new store at 113 Oxley Drive at 11 a.m.
The Lyons store is Parker’s 34th location, and the company has more than 500 employees. For more information, go to www.parkersav.com.
