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Urban-clothing company Citi Trends plans $57.5 million IPO

WASHINGTON (Dow Jones/AP) - Citi Trends Inc., a chain of "urban clothing" stores, Monday said it plans to go public in an initial public offering of stock worth up to $57.5 million.

The company's filing with the Securities and Exchange Commission didn't disclose the number of common shares it is offering or an estimated price range for the shares.

The Savannah, Ga., company's shares are expected to list on the Nasdaq Stock Market under the symbol "CTRN."

Proceeds from the offering will be used to redeem debt securities, pay down debt, pay dividends, open new stores, and build a new distribution center in fiscal 2006, the company said.

Managers of the offering received an option to sell additional shares to meet demand. The filing didn't list the number of shares.

For the year ended Jan. 31, 2004, Citi Trends had net income of $5.9 million, compared with $5.03 million in 2003.

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