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Citi Trends, Inc. (CTRN) is a prominent value-priced retailer specializing in urban fashion apparel, shoes, accessories, and home décor for the entire family. Established with a vision to cater to the tastes of fashion-forward and value-conscious consumers, Citi Trends offers nationally recognized branded merchandise at discounts ranging from 20% to 70% off regular prices found in department and specialty stores. The company sources its diverse merchandise from over 1,600 vendors, ensuring high-quality fashion products at exceptional value.
Founded in May 2005 and headquartered in Savannah, Georgia, Citi Trends became a publicly traded company on the NASDAQ exchange under the symbol CTRN. The company operates a robust network of 515 stores across 31 states, employing approximately 4,500 individuals. Its operational infrastructure includes a corporate office in Savannah, distribution centers in Darlington, South Carolina, and Roland, Oklahoma, and buying offices in New York City and Los Angeles.
With a comprehensive product lineup that includes fashion sportswear for men, women, and children, Citi Trends also offers an array of accessories such as handbags, jewelry, footwear, belts, intimate apparel, scrubs, and sleepwear. The company further diversifies its offerings with functional and decorative home products, beauty products, books, and toys, making it a one-stop-shop for affordable urban fashion and lifestyle products.
Recent achievements highlight Citi Trends’ commitment to growth and customer satisfaction. The company has continually expanded its store footprint and enhanced its product range to better meet the evolving needs of its diverse customer base. Citi Trends’ strategic focus on offering significant discounts and maintaining strong vendor relationships has solidified its position as a key player in the retail sector.
As Citi Trends continues to evolve, it remains dedicated to delivering outstanding value and fashionable products to its customers. The company’s ongoing projects and strategic initiatives reflect its commitment to maintaining a competitive edge in the dynamic retail landscape.
Citi Trends (NASDAQ: CTRN) reported Q3 2024 results with total sales of $179.1 million, showing a 0.3% decrease from Q3 2023, while comparable store sales grew 5.7%. The company achieved gross margin expansion of 160 basis points to 39.8%. Despite posting a net loss of $(7.2) million, the company maintains a strong financial position with $38.9 million in cash and no debt. Based on strong early holiday performance, Citi Trends raised its second-half fiscal 2024 outlook, expecting low to mid-single-digit comparable store sales growth and EBITDA between $1.5-4 million.
Citi Trends has appointed Ken Seipel as permanent CEO, effective November 18, 2024, following his interim role since June 2024. The company reported preliminary Q3 2024 results with sales of $179.1 million and comparable store sales growth of 5.7% versus Q3 2023, exceeding previous guidance. Gross margin improved to 39.8%, up 160 basis points from Q3 2023, driven by improved product, better allocation methods, and increased customer traffic. Q3 2024 Adjusted EBITDA showed a loss of $3.3 million, including strategic costs for customer research and operational improvements.
Citi Trends (NASDAQ: CTRN) has announced it will release its third quarter 2024 earnings before market opens on Tuesday, December 3, 2024. The company will host a conference call at 9:00 a.m. ET on the same day, accessible via their website www.cititrends.com under the Investor Relations section or by dialing 1-877-407-0779. The online replay will be available for one year. Citi Trends operates 592 stores across 33 states as a specialty value retailer of apparel, accessories and home trends, primarily serving African American and multicultural families.
Citi Trends (NASDAQ: CTRN) reported Q2 fiscal 2024 results with total sales growth of 1.7% to $176.6 million. However, the company faced challenges, including a net loss of $18.4 million and a comparable store sales decrease of 1.7%. Key actions taken include:
1. Strategic inventory reset with $9.4 million in markdowns
2. Efforts to control shrink, resulting in a $4.0 million adjustment
3. Implementation of a refined merchandise strategy
Despite challenges, Citi Trends maintains a strong financial position with $59.3 million in cash and no debt. The company expects second-half comparable store sales to be flat to up low-single digits, with gross margin around 39% and positive EBITDA between $0.5-$2.5 million.
Citi Trends (NASDAQ: CTRN) has announced plans to release its second quarter 2024 earnings before the market opens on Tuesday, August 27, 2024. The company will host a conference call at 9:00 a.m. ET on the same day. Investors can access the live broadcast online at www.cititrends.com under the Investor Relations section or dial in at 1-877-407-0779. The online replay will be available for one year. During the call, Citi Trends may discuss post-quarter-end business and financial developments. Citi Trends is a leading specialty value retailer of apparel, accessories, and home trends, primarily serving African American and multicultural families in the United States. The company currently operates 597 stores across 33 states.
Citi Trends (NASDAQ: CTRN), a leading specialty value retailer, announced the winners of its 4th Annual Black History Makers Grant program. The initiative, managed by Citi Trends CitiCares Council, aims to increase awareness of Black-owned businesses and honor entrepreneurs making positive community impacts. Ten Black business owners were each awarded a $5,000 grant. The winners include Artika Tyner of Planting People Growing Justice Press and Bookstore, Ashley Hamilton of Not Your Average Size, and others. Interim CEO Ken Seipel praised the high number of applications and expressed excitement for this year's winners. Citi Trends operates 597 stores across 33 states.
Citi Trends (NASDAQ: CTRN) reported its Q1 Fiscal 2024 results, showing a 3.7% year-over-year (YoY) increase in total sales to $186.3 million and a 3.1% rise in comparable store sales.
Gross margin expanded to 38.7% from 36.7% YoY. The company noted an operating loss of $7.0 million, improved from last year's loss of $9.5 million. Adjusted EBITDA loss stood at $0.8 million versus $3.2 million in Q1 2023.
Net loss per share was ($0.42), compared to ($0.81) YoY. The firm closed 3 stores while remodeling 20, ending the quarter with 599 locations and an inventory increase of 4% YoY.
Cash reserves were $58.2 million with no debt, and the company did not repurchase any shares during the quarter. Citi Trends reiterated its EBITDA outlook for Fiscal 2024 and aims to remodel 40 stores while closing 10-15 underperforming locations.
Citi Trends has appointed Ken Seipel as interim CEO effective June 2, 2024, following David Makuen's resignation as CEO and board member. Seipel, a veteran in the retail sector, has a track record of successful turnarounds. Makuen will stay temporarily as a Senior Advisor. The Board is now searching for a permanent CEO, considering both internal and external candidates. Preliminary Q1 2024 results show total sales of $186.3 million, a 3.1% growth in comparable sales, and an EBITDA loss of $0.8 million. The company plans to detail these results further in an investor call on June 4, 2024.
Citi Trends (NASDAQ: CTRN) announced it will release its first quarter 2024 earnings on June 4, 2024, before the market opens. A conference call will follow the earnings release at 9:00 a.m. ET the same day. Investors can access the live broadcast online via the company's website, or by dialing 1-877-407-0779. An online replay will be available for one year.
During the conference call, Citi Trends may discuss recent business and financial developments that have occurred since the quarter-end. Citi Trends is a specialty value retailer with 599 stores in 33 states, primarily serving African American and multicultural families in the U.S.
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