SAVANNAH, Ga.--(BUSINESS WIRE)--Mar 16, 2021--
Citi Trends, Inc. (NASDAQ: CTRN), the leading value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States, today reported results for the fourth quarter and full year ended January 30, 2021.
David Makuen, Chief Executive Officer, said, “We are thrilled with our record fourth quarter performance with top and bottom line results that exceeded our increased expectations we announced in January as we closed out an outstanding year for Citi Trends. Our robust fourth quarter revenue was driven by the increased demand for our on-trend merchandise assortment that continues to resonate with our customers, with apparel contributing the bulk of our 16.7% comparable store sales increase. Our intense focus on full-price selling at amazing value, combined with our disciplined expense management, drove meaningful gross and operating margin expansion in the quarter. None of this was easy, as we diligently managed the impact of COVID-19 with the health and safety of our customers and associates as our top priority. I could not be more proud of our team that delivered a 72% increase in operating income for the year despite the many challenges.”
Makuen continued, “As the early innings of 2021 play out, we feel very good about the underlying momentum of the business. We are keenly focused on the execution of our four strategic pillars of growing the fleet, optimizing our product mix, investing in infrastructure, and making a difference through our newly formed Corporate Social Responsibility Committee of the Board of Directors. These key strategies, combined with our differentiated business model, position us well to capitalize on the near and long-term growth opportunities we see for our business.”
The Company is reiterating its three-year strategic plan and growth targets of:
The Company is encouraged by its first quarter to-date sales performance, which is above its internal expectations. For the full year 2021, the Company expects to spend approximately $39 million in capital expenditures, open at least 30 new stores, remodel 30 stores and generate total sales of $870 million to $900 million, an increase of 11.0% to 15.0% as compared to 2020. This will result in an expected earnings per share in a range of $2.85 to $3.05, as the Company works towards achieving its previously stated three-year strategic plan and growth targets.
Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2935. A replay of the conference call will be available until March 23, 2021, by dialing (402) 977-9140 and entering the passcode, 21990556.
The live broadcast of Citi Trends' conference call will be available online at the Company's website, , under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
Citi Trends, Inc. is the leading value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States. The Company operates 585 stores located in 33 states. Citi Trends’ website address is .
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CONTACT: Tom Filandro
KEYWORD: UNITED STATES NORTH AMERICA GEORGIA
INDUSTRY KEYWORD: FASHION OTHER RETAIL DISCOUNT/VARIETY RETAIL SPECIALTY
SOURCE: Citi Trends, Inc.
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PUB: 03/16/2021 06:45 AM/DISC: 03/16/2021 06:45 AM