Press release
Citi Trends Announces 2021 Holiday Sales Results and Updates Long-Term Strategic Plan
Comparable store sales increased 14.8% for the nine-week holiday period vs. the same period in 2019 Updated investor presentation includes a refreshed
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nComparable store sales increased 14.8% for the nine-week holiday period vs. the same period in 2019 \n\nUpdated investor presentation includes a refreshed long-term strategic plan\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States, today announced results for its holiday selling period.\n\nTotal sales for the nine-week period ended January 1, 2022 increased 20.1% versus the same period in 2019, to $204.8 million compared to $170.5 million. Comparable store sales increased 14.8% versus the same period in 2019.\n\nDavid Makuen, Chief Executive Officer, said, “We are very pleased with our holiday sales results that included a strong comparable store sales increase of 14.8% compared to 2019. In addition, we continued to expand our gross margin, driven primarily by higher full-price selling and lower markdowns. Our performance was led by our enhanced shopping experience and on-trend assortment associated with our Give. Get. Gather. holiday campaign that included amazing gifts and stocking stuffers across our six merchandise Citis or categories. I am so proud of the entire Citi Trends team for their exceptional execution.”\n\nMakuen continued, “Following a strong holiday selling period, we have experienced a decline in traffic attributed to macro trends, primarily driven by the increase in COVID-19 cases impacting the broader consumer landscape. Despite the recent decline in traffic, which we believe is transitory in nature, we are experiencing strong conversion rates, indicating that our customers continue to find our assortment compelling. Looking ahead, we remain confident in the long-term trajectory of the business. For fiscal 2022, we plan to open approximately 45 new stores, coupled with remodeling approximately 45 stores, all reflecting our new CTx format. We are planning the business to deliver low-to-mid single digit total sales growth coupled with at least low double-digit EPS growth in fiscal 2022. We look forward to discussing our updated long-term strategic plan at the ICR Conference.”\n\nCapital Return Program Update\n\nIn the fourth quarter to-date, the Company repurchased approximately 95,000 shares of its common stock at an aggregat...