Press release
Citi Trends Announces Fourth Quarter & Fiscal 2020 Results
Fourth quarter total sales increased 19.4% to $251.9 million and comparable sales increased 16.7% Fourth quarter gross margin increased 300 bps to 42.7%
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nFourth quarter total sales increased 19.4% to $251.9 million and comparable sales increased 16.7%\n\nFourth quarter gross margin increased 300 bps to 42.7% \n\nFourth quarter operating margin expanded 410 bps to 9.4% compared to 5.3% in the prior year period\n\nEarnings per diluted share of $1.81 compared to $0.84 in the fourth quarter of 2019\n\nExpects to deliver full year 2021 total sales growth of 11.0% to 15.0%\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti 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.\n\nFinancial Highlights – 13-week fourth quarter ended January 30, 2021\n\n\nTotal sales increased 19.4% to $251.9 million compared to $211.0 million in the fourth quarter of 2019\n\n\nComparable store sales increased 16.7%; the sixth consecutive quarter of positive growth including open-only stores for the first quarter of 2020\n\n\nGross margin increased 300 bps to 42.7% compared to 39.7% in the fourth quarter of 2019, reflecting strong full-price selling and fewer markdowns, marking the third consecutive quarter of expansion\n\n\nAs a percent of sales, selling, general and administrative expenses decreased 60 bps to 31.5% compared to the fourth quarter of last year\n\n\nOperating income was $23.7 million, an increase of 110.6% compared to $11.3 million in the fourth quarter of 2019, for an operating margin of 9.4% compared to 5.3% in the prior year\n\n\nEarnings per diluted share was $1.81 compared to $0.84 in the fourth quarter of 2019\n\n\nTotal inventory decreased 24.9% and comparable store inventory decreased 40.3% compared to the end of 2019\n\n\nRepurchased approximately 395,000 shares of common stock at an aggregate cost of $16.7 million during the quarter, funded from cash on hand; $33.4 million remained available at the end of fiscal 2021 and $22.2 million remained available as of March 15, 2021 under the previously announced authorizations\n\n\nFinancial Highlights – 52-week fiscal year ended January 30, 2021\n\n\nTotal sales increased 0.2% to $783.3 million compared to $781.9 million in 2019, despite the fact that the Company’s stores were closed for approximately 16% of the total available s...