Press release
Citi Trends Provides Business Update
First quarter total sales through April 3rd increased 77.2% compared to the same period in 2020, and 36.3% compared to the same period in 2019, exceeding
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nFirst quarter total sales through April 3rd increased 77.2% compared to the same period in 2020, and 36.3% compared to the same period in 2019, exceeding internal expectations\n\nExpects first quarter earnings per share in the range of $2.75 to $2.90 \n\nRepurchased approximately 453,000 shares in the first quarter through April 3rd \n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), a growing specialty value retailer of apparel, accessories and home trends primarily for African American and Latinx families in the United States, today provided a business update. \n\nBusiness Update\n\n\nTotal sales for the first quarter through April 3, 2021 increased 77.2% compared to the same period in the prior year, and 36.3% compared to the same period in 2019, exceeding internal expectations.\n\n\nComparable store sales for the first quarter through April 3, 2021 increased 74.5% compared to the same period in 2020.\n\n\nFor comparison purposes, first quarter 2020 sales were significantly impacted by the COVID-19 pandemic, which caused the temporary closure of the Company’s stores beginning March 20, 2020.\n\n\nFirst quarter 2021 earnings per share expected to be in the range of $2.75 to $2.90.\n\n\nDavid Makuen, Chief Executive Officer, said, “We are very pleased with our first quarter topline performance through April 3rd, which has exceeded our expectations. Our positive momentum has been driven by the loyalty of our existing customer base as well as the attraction of new customers, the strength of our brand, and our on-trend assortment, combined with the Federal Government stimulus that started during the third week of March. We are also very encouraged by the meaningful merchandise margin expansion we are seeing in the business, while we also remain disciplined in our expense management. As a result of our impressive performance and the increased demand for our merchandise, we expect to end the first quarter strong, resulting in total sales of $280 to $285 million.”\n\nMakuen further commented, “As we look forward, the environment remains uncertain and there is no assurance that our first quarter trends will continue, particularly as we approach the significant positive performance after reopening our stores in the second quarter of 2020. Therefore, while we remain confident that we can meet our forecast for the ...