Press release
Citi Trends Announces First Quarter 2020 Results and Provides Other Updates
Strong liquidity with cash and investments of $108.1 million at the end of the first quarter First quarter sales $116 million and loss per share ($2.00), or
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nStrong liquidity with cash and investments of $108.1 million at the end of the first quarter\n\n\nFirst quarter sales $116 million and loss per share ($2.00), or ($1.94) on an adjusted basis*\n\n\nSafely reopened 498 stores from April 24, 2020 to date that have registered strong comparable store sales growth, substantially exceeding expectations\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), the leading value retailer of apparel, accessories and home goods primarily for African American families in the United States, today reported results for the first quarter ended May 2, 2020.\n\n\nCOVID-19 Business Actions Highlights\n\n\n\nDue to “stay-at-home” and “shelter-in-place” orders to serve the health and safety needs of all associates and customers, on March 20, 2020 temporarily closed all 574 stores across 33 states\n\n\nTemporarily closed both corporate offices and both distribution centers\n\n\nFurloughed substantially all store and distribution center personnel, as well as about 40% of corporate staff starting April 3, 2020, while providing eligible associates with benefits at no cost\n\n\nTemporarily reduced cash compensation for Chief Executive Officer, senior executives and Board members by 15% to 25%\n\n\nCreated a “COVID-19” response team focused on business continuity that developed new protocols and action plans to limit and reduce operating expenses, address forward looking health and safety requirements and prepare the business for reopening\n\n\nProactively drew down $43.7 million on our credit facility to have the financial flexibility to manage through the crisis and stages of recovery during the remainder of 2020\n\n\nSubstantially reduced capital expenditures to a limited number of store projects under contract, as well as minimal maintenance capital spending\n\n\nTemporarily suspended any repurchases of shares under the stock repurchase program\n\n\nTemporarily suspended quarterly cash dividend beginning in the second quarter\n\n\n\nFinancial Highlights – 13-week first quarter ended May 2, 2020\n\n\n\nFor the first quarter through March 7, 2020 and prior to the country-wide store traffic and sales deceleration resulting from COVID-19, comparable store sales increased 3.1%\n\n\nWith the chain substantially closed for the last two weeks of March and all of April, total sales decreased 43...