Press release
Citi Trends Announces Next Steps Under Its Capital Return Program
Board Authorizes new $30 million share repurchase program SAVANNAH, Ga.--(BUSINESS WIRE)-- Citi Trends, Inc. (NASDAQ: CTRN), a growing specialty value
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nBoard Authorizes new $30 million share repurchase program\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 the authorization of a new share repurchase program. \n\nAfter careful analysis of its cash position coming out of a record first quarter of 2021 and keeping in step with its recent capital allocation strategy, inclusive of store growth opportunities, infrastructure investments, and returning cash to shareholders, the Company’s board of directors today announced the authorization of a new $30 million share repurchase program. The Company expects to fund the share repurchase program from cash on hand.\n\nDavid Makuen, Chief Executive Officer, commented, “We are pleased to see continued momentum in our business and, as you heard during our recent first quarter earnings call, we are exceeding our original goals for 2021. The approval by our board of another share repurchase program demonstrates confidence in our business and our outlook for successful growth over the long term. We have a great cash position, a healthy balance sheet, no debt and continue to generate strong cash flow. We are very pleased to be in a position to not only invest in our business, but also reward our shareholders while maintaining financial flexibility.”\n\nIn fiscal 2021 through the end of May, the Company has repurchased approximately 623,000 shares of its common stock at an aggregate cost of approximately $53.6 million. As of May 28, 2021, approximately $1.7 million remains available under the Company’s previously authorized share repurchase program.\n\nAbout Citi Trends\n\nCiti Trends, Inc. is 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. The Company operates 585 stores located in 33 states. Citi Trends’ website address is www.cititrends.com. CTRN-G\n\nForward-Looking Statements\n\nAll statements other than historical facts contained in this news release, including statements regarding the Company’s future financial results and position, business policy and plans, objectives and expectations of management for future operati...