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Earnings
Citi Trends provides long-term guidance » 07:07
01/12/21
01/12
07:07
01/12/21
07:07
CTRN

Citi Trends

$55.98 /

+2.13 (+3.96%)

The company has revised…

The company has revised its investor presentation to include updates on the execution of its strategic initiatives as well as other updates based on the company's ongoing review of its three-year strategic plan. Such presentation includes the following information, among other things: Increasing top-line sales to more than $1B in fiscal 2023; Comparable store sales growth of ~3% per year; Growing the fleet with at least 100 new stores by the end of fiscal 2023; Remodeling at least 150 stores by the end of fiscal 2023; Investing in infrastructure improvements for merchandising, supply chain and stores; Operating income growth at a compound annual growth rate of 20%+ per year; Diluted earnings per share growth at a compound annual growth rate of 25%+ per year.

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CTRN Citi Trends
$55.98 /

+2.13 (+3.96%)

CTRN Citi Trends
$55.98 /

+2.13 (+3.96%)

Earnings
Citi Trends sees Q4 adjusted EPS $1.22-$1.32 vs. 88c a year ago » 07:06
01/12/21
01/12
07:06
01/12/21
07:06
CTRN

Citi Trends

$55.98 /

+2.13 (+3.96%)

Based on the…

Based on the quarter-to-date trends, the company expects fourth quarter 2020 positive comparable store sales in the low double-digit range. For the full year 2020, the company expects total sales to be only slightly below 2019 total sales, despite the fact that the company's stores were closed for approximately 16% of the total available store days in 2020 due primarily to the impact of COVID-19. The company expects fourth quarter 2020 diluted earnings per share of $1.22-$1.32 on an adjusted basis compared to 88c in the fourth quarter of 2019. The company expects full year 2020 diluted earnings per share of $1.85-$1.95 on an adjusted basis compared to $1.56 in 2019.

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CTRN Citi Trends
$55.98 /

+2.13 (+3.96%)

Hot Stocks
Citi Trends reports holiday sales up 12.9% to $192.5M » 07:04
01/12/21
01/12
07:04
01/12/21
07:04
CTRN

Citi Trends

$55.98 /

+2.13 (+3.96%)

Citi Trends announced…

Citi Trends announced results for its holiday selling period. Total sales for the nine-week period ended January 2, 2021 increased 12.9% to $192.5M compared with $170.5M in the same period of 2019 and comparable store sales increased 10.3% versus 3.6% in the same period last year. David Makuen, CEO, said, "We are thrilled with our holiday sales results that significantly exceeded our expectations. The 10.3% comparable store sales increase is reflective of our curated merchandising strategies and on-trend gift assortment with amazing values, which resonated with our customers during the holiday season. Notably, we continue to drive meaningful gross margin and operating margin expansion fueled by full-price selling and accelerated inventory turns. I would like to thank our incredible teams for their hard work and dedication as they continue to meet our customers' needs, especially during the dynamic holiday season." Makuen continued, "Given our strong quarter-to-date results, we now expect positive comparable store sales in the low double-digit range for the fourth quarter. We enter 2021 in a strong position and are excited about the underlying momentum of our business. We are committed to the same merchandising and marketing strategies that have driven our recent success, and we believe we are well positioned to continue capitalizing on the demand for our brand and serving our loyal customer base."

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CTRN Citi Trends
$55.98 /

+2.13 (+3.96%)

Hot Stocks
Citi Trends authorizes new $30M share repurchase program » 07:04
12/22/20
12/22
07:04
12/22/20
07:04
CTRN

Citi Trends

$44.85 /

+0.08 (+0.18%)

Citi Trends announced the…

Citi Trends announced the authorization of a new share repurchase program and provided an update on the status of the previous share repurchase program. The company's board of directors announced the authorization of another $30M share repurchase program as the next step in its continued capital return program. The company expects to fund the share repurchase program from cash on hand. Since reinstating the prior $30M share repurchase program that was initially authorized in March, the company has repurchased 618,796 shares of its common stock at an aggregate cost of approximately $18.1M. As of December 22, approximately $11.9M remains available under this share repurchase program.

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CTRN Citi Trends
$44.85 /

+0.08 (+0.18%)

Over a quarter ago
Hot Stocks
Citi Trends reports Q2 total sales up 25% » 06:48
06/30/20
06/30
06:48
06/30/20
06:48
CTRN

Citi Trends

$15.89 /

+0.54 (+3.52%)

Citi Trends provided a…

Citi Trends provided a second quarter-to-date business update and announced the formation of the CitiCARES Council. The company reopened 564 of its 574 stores closed due to COVID-19, with the remaining stores expected to open by the end of July Brought back to work substantially all associates in stores, distribution centers and corporate offices who had previously been furloughed. Q2 total sales increased 25% compared to the same period of the prior year, exceeding expectations and comparable store sales for reopened stores in Q2 increased 53%. Operating stores predominantly in Black communities, Citi Trends has a special interest in doing its part to address the indelible racism in our communities across the country and advance the cause of justice and racial equality.

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CTRN Citi Trends
$15.89 /

+0.54 (+3.52%)

CTRN Citi Trends
$15.89 /

+0.54 (+3.52%)

Hot Stocks
Citi Trends suspends quarterly cash dividend amid COVID-19 pandemic » 07:19
04/28/20
04/28
07:19
04/28/20
07:19
CTRN

Citi Trends

$10.38 /

+0.81 (+8.46%)

Citi Trends provided an…

Citi Trends provided an update on additional actions the company is taking in response to the coronavirus pandemic. The company said, "At Citi Trends, the health, safety and well-being of our employees, customers and the communities we serve remains our highest priority. With this focus in mind and in accordance with guidelines from the Centers for Disease Control and Prevention (CDC) and the Occupational Safety and Health Administration (OSHA) any reopening of Company stores and facilities will include operating with enhanced health, sanitation, safety and social distancing guidelines for the safety and protection of our employees and customers. The Company continues to monitor the COVID-19 situation daily and is evaluating plans and timing for the reopening of its stores and distribution centers, which have been closed for approximately six weeks. The Company intends to reopen stores and its centers as soon as practical and when it is deemed safe to do so based on state and local orders in the respective markets. The Company expects the timing for the reopening of its stores to be phased-in over a period of time and largely dependent on state and local orders. As such, as of this past weekend, the Company's stores in Arkansas have safely reopened with reduced operating hours. The Company will continue to provide updates on its current store operations on the Company's website... The Company is also continuing to proactively manage its business with a goal to increase financial flexibility and preserve cash flow in the current environment. The Company announced today that it is extending for an additional sixty days the furlough of substantially all of its store and distribution center personnel and a portion of its corporate staff, in light of the continued interruption of its business operations. However, the Company expects to bring back many of its furloughed employees in the coming weeks as its stores and distribution centers begin to reopen. The Company will continue to pay for medical benefits for covered furloughed associates through June 30, 2020 and assist all associates with information about available resources. Additionally, the Company is temporarily suspending its quarterly cash dividend beginning in the second quarter of fiscal 2020 and is suspending the 401(k) company matching program effective June 1, 2020. The Company believes that its continued focus on expense, inventory and capital expenditure reductions, including the additional actions announced today, will help preserve its financial health as it works to mitigate the consequences of the COVID-19 pandemic and ensure readiness to reopen its stores as conditions permit."

Hot Stocks
Citi Trends extends temporary closure of all retail stores, furloughs staff » 16:19
03/31/20
03/31
16:19
03/31/20
16:19
CTRN

Citi Trends

$8.93 /

-0.27 (-2.93%)

Citi Trends provided a…

Citi Trends provided a further update on the actions it is taking in response to the outbreak of the coronavirus. In light of federal, state and local regulations and the guidance of health authorities to close nonessential businesses, the company has extended its previously announced temporary closure of all of its retail stores, distribution centers and New York office until further notice. The Savannah corporate office will also be temporarily closed for all but minimum basic operations. The company will continue to monitor the guidance provided by government and health authorities to determine the appropriate time to reopen its stores, distribution centers and offices. As a result of a significant interruption in business operations, the company announced that it has placed on furlough substantially all of its store and distribution center personnel, as well as about 40% of its corporate staff. The company will pay for the first 30 days of medical benefits for covered associates during the furlough, and assist all associates with information about available resources. Additionally, the company has temporarily reduced the cash compensation of its CEO and Board members by 25% and temporarily reduced the cash compensation of its senior executives by 15% to 20%. These steps, together with the company's previously announced reductions in operating expenses, capital expenditures and inventories, as well as the company's utilization of its credit facility, are a continuation of the aggressive and prudent actions the company is taking to preserve cash and remain resilient during this unprecedented period.

Hot Stocks
Citi Trends draws down $43.7M under credit facility due to COVID-19 » 07:04
03/23/20
03/23
07:04
03/23/20
07:04
CTRN

Citi Trends

$8.82 /

-1.84 (-17.26%)

Citi Trends announced…

Citi Trends announced today that it has drawn down $43.7M in principal amount under its committed $50M revolving credit facility. The company's borrowing under its revolving credit facility was a proactive measure taken by the company to increase its cash position and preserve financial flexibility in light of current uncertainties resulting from the coronavirus (COVID-19) outbreak. In accordance with the terms of the revolving credit facility, the proceeds from this borrowing may in the future be used for working capital, general corporate purposes or other purposes permitted by the revolving credit facility. The draw down on the facility is in addition to the actions previously announced that are being taken by the company to strengthen its financial position and balance sheet and preserve liquidity during these uncertain times. These additional actions include reviewing all operating expenses, reducing capital expenditures, reducing inventory as appropriate and for the time being, the company is not intending to repurchase any shares under the previously announced share repurchase program.

Hot Stocks
Citi Trends temporarily closes retail stores, distribution centers, NY offices » 09:13
03/20/20
03/20
09:13
03/20/20
09:13
CTRN

Citi Trends

$10.66 /

+1.03 (+10.70%)

Citi Trends provided an…

Citi Trends provided an update on the actions it is taking in response to the continued spread of the coronavirus (COVID-19). Citi Trends will temporarily close all of its retail stores, effective today, March 20. Citi Trends currently expects its stores to remain closed for two weeks and plans to re-open on April 3. The company is also temporarily closing its distribution centers and offices in New York, with associates working remotely when possible. All retail and distribution center associates will continue to receive full pay and benefits for their scheduled shifts during this time period. The company will continue to monitor this timing based on guidance from federal, state and local authorities. In response to the coronavirus outbreak, the company is taking aggressive and prudent actions to strengthen its financial position and balance sheet and preserve liquidity during these uncertain times. These actions include reviewing all operating expenses, reducing capital expenditures and reducing inventory as appropriate. The company previously announced a share repurchase program on March 13, but no repurchases have been made under such program and the company does not intend to repurchase any shares for the time being. "Our first priority is the health and well-being of our employees, customers and the communities we serve. We therefore made the difficult, but necessary, decision to temporarily close our stores and distribution facilities," said David Makuen, Citi Trends' CEO. "We look forward to reopening our stores and distribution centers and welcoming our valued customers back into Citi Trends."

Earnings
Citi Trends withdraws FY20 guidance, reduces store hours » 07:05
03/19/20
03/19
07:05
03/19/20
07:05
CTRN

Citi Trends

$9.63 /

-4.64 (-32.52%)

Citi Trends announced…

Citi Trends announced that in response to the COVID-19 outbreak, it will temporarily reduce store hours for all of its retail stores beginning immediately. The company's retail stores will operate during the following times until further notice: 12:00 p.m. to 7:00 p.m. - Monday through Saturday and 12:00 p.m. to 6:00 p.m. - Sunday. Hours may vary by location, and certain locations have been closed temporarily to comply with state and local regulations and guidelines. The Company will continue following other state and local-mandated shutdowns as they arise. The company also announced that due to the continued uncertainty surrounding the COVID-19 outbreak and its overall impact on the Company's business operations, it is withdrawing its first-quarter and fiscal year 2020 financial guidance it issued on March 13. The company is not providing any updated guidance at this time.

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