Press release
Citi Trends Announces Strong Third Quarter 2021 Results
Total sales of $228.0 million, an increase of 24.5% vs. Q3 2019 Comparable store sales increased 19.7% vs. Q3 2019 Gross margin of 40.3%, an increase of 290
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nTotal sales of $228.0 million, an increase of 24.5% vs. Q3 2019\n\nComparable store sales increased 19.7% vs. Q3 2019\n\nGross margin of 40.3%, an increase of 290 bps vs. Q3 2019\n\nOperating margin of 5.1% expanded 600 basis points vs. Q3 2019\n\nEarnings per diluted share of $1.03 compared to a loss of ($0.09) in Q3 2019\n\nRaising full year 2021 guidance for diluted EPS to a range of $6.95 to $7.10\n\nBoard approves new share repurchase program of $30 million\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States, today reported results for the third quarter ended October 30, 2021.\n\nFinancial Highlights – 13 week third quarter ended October 30, 2021\n\nThe Company is reporting operating results for the third quarter of 2021 relative to the third quarter of both 2020 and 2019 due to the uniquely challenging operating environment in the third quarter of 2020 resulting from the COVID-19 pandemic.\n\n\n\nCITI TRENDS (CTRN)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThird Quarter\n\n\n\n\n\nThird Quarter\n\n\n\n\n\n\n(in thousands, except per share data)\n\n\nFY21\n\n\n\n\nFY20\n\n\n\n\nFY19\n\n\n\n\n\nFY21 vs. FY19\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nNet sales\n\n\n$\n\n\n\n227,959\n\n\n\n\n$\n\n\n\n199,100\n\n\n\n\n$\n\n\n\n183,050\n\n\n\n\n+24.5%\n\n\n\n\nComparable store sales\n\n+13.1%\n\n+6.3%\n\n+2.6%\n\n\n+19.7%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nGross margin\n\n\n \n\n\n\n40.3%\n\n\n\n\n \n\n\n\n41.8%\n\n\n\n\n \n\n\n\n37.4%\n\n\n\n\n+290 bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nOperating income (loss)\n\n\n$\n\n\n\n11,577\n\n\n\n\n$\n\n\n\n9,340\n\n\n\n\n$\n\n\n\n(1,588)\n\n\n\n\n+$13,165\n\n\n\n\nOperating margin\n\n\n \n\n\n\n5.1%\n\n\n\n\n \n\n\n\n4.7%\n\n\n\n\n \n\n\n\n-0.9%\n\n\n\n\n+600 bps\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nNet income (loss)\n\n\n$\n\n\n\n9,014\n\n\n\n\n$\n\n\n\n6,965\n\n\n\n\n$\n\n\n\n(1,084)\n\n\n\n\n+$10,098\n\n\n\n\nDiluted earnings (loss) per share\n\n\n$\n\n\n\n1.03\n\n\n\n\n$\n\n\n\n0.67\n\n\n\n\n$\n\n\n\n(0.09)\n\n\n\n\n+$1.12\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\nOpen stores - end of period\n\n\n \n\n\n\n600\n\n\n\n\n \n\n\n\n585\n\n\n\n\n \n\n\n\n566\n\n\n\n\n+6.0%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n...