Citi Trends, Inc. today reported unaudited sales for the fourth quarter and fiscal year ended January 30, 2016.

Total sales in the 13-week period ended January 30, 2016, decreased 2.8% to $176.1 million compared with $181.1 million in the 13-week period ended January 31, 2015. Comparable store sales in this year's fourth quarter decreased 5.0% from the fourth quarter of fiscal 2014, a quarter in which comparable store sales increased 13.9%. By month, comparable store sales were down 6.5% in November, down 0.9% in December and down 14.2% in January. The Company believes that January's decrease was largely the result of a later start to tax refund season, as comparable store sales were down 45% (approximately $3.5 million) the last two days of the month.

For the year, total sales increased 1.9% to $683.8 million compared with $670.8 million in fiscal 2014. Comparable store sales decreased 0.1% for the full year.

Jason T. Mazzola, President and Chief Executive Officer, commented, "Fourth quarter sales were challenging, with unusually warm winter weather affecting all apparel categories. However, we continued to realize the benefits of strong inventory control and a new merchandise planning and allocation system, which led to another increase in quarterly gross margin and to a full year gross margin approximating 39%."

In addition, the Company announced that its Board of Directors has declared a quarterly dividend of $0.06 per common share, payable on March 15, 2016, to shareholders of record as of the close of business on March 1, 2016.