Citi Trends to open fewer new stores

Citi Trends, a Savannah-based urban fashion retailer, is reducing the number of new stores it plans to open for the second time this year.

The company said in a statement that it intends to open 55 new stores in 2011 and about five in 2012, only those that it has already committed to.

In July, Citi Trends said it would reduce its number of new stores from between 65 and 70 to between 55 and 60.

In a statement, Citi Trends president and CEO David Alexander said then that "our current sales trend dictates a more conservative approach to operating costs and capital expenditures."

The company's same-store sales decreased nearly 12 percent in the second quarter; total sales increased by .9 percent.

At the end of the second quarter, the last time it reported results, Citi Trends had 486 stores in 27 states.

The company also announced this week that it was eliminating 40 jobs in its corporate office, at distribution centers and in store organization.

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