Press release
Citi Trends Announces Strong Second Quarter 2021 Results
Total sales were $237.3 million, an increase of 29.8% compared to Q2 2019 Comparable store sales increased 25.6% over Q2 2019 Gross margin increased 350 bps
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nTotal sales were $237.3 million, an increase of 29.8% compared to Q2 2019\n\nComparable store sales increased 25.6% over Q2 2019\n\nGross margin increased 350 bps to 40.8% vs Q2 2019\n\nOperating margin of 6.9% compared to 0.1% in Q2 2019\n\nEarnings per diluted share of $1.36 compared to $0.03 in Q2 2019\n\nAuthorized a new $30 million share repurchase program\n\nExpects to deliver full year 2021 total sales of approximately $1 billion\n\nRaising full year 2021 guidance for diluted EPS to a range of $6.30 to $6.50\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 reported results for the second quarter ended July 31, 2021. \n\nFinancial Highlights – 13 week second quarter ended July 31, 2021\n\nThe Company is reporting operating results for Q2 2021 relative to Q2 2019 to provide a more normalized comparison of performance since Q2 2020 included significant favorable one-time expense reductions related to COVID-19 such as furloughs, reduced store hours and closures, abated rents and other COVID-19 cost credits.\n\n\nTotal sales increased 29.8% to $237.3 million compared to $182.8 million in Q2 2019\n\n\nComparable store sales increased 25.6% over Q2 2019\n\n\nGross margin increased 350 bps to 40.8% compared to Q2 2019 gross margin of 37.3%\n\n\nAs a percent of sales, selling, general and administrative expenses improved 270 bps compared to Q2 2019\n\n\nOperating income was $16.4 million compared to $0.2 million in Q2 2019\n\n\nOperating margin was 6.9% compared to 0.1% in Q2 2019\n\n\nNet income was $12.5 million compared to $0.4 million in Q2 2019\n\n\nEarnings per diluted share was $1.36 compared to $0.03 in Q2 2019\n\n\nQuarter-end inventory decreased 14.3% compared to the end of Q2 2019\n\n\nThe Company opened 5 new stores during Q2 2021\n\n\nFinancial Highlights – 26 week first half ended July 31, 2021\n\nIn the first half of 2021, total sales were $522.7 million, an increase of 34.8% compared to the first half of 2019. Gross margin was 41.8%, an increase of 440 bps over the same period of 2019. Operating income was $55.4 million for an operating margin of 10.6% compared to operating income of $8.9 million and operating margin of ...