Breaking News

Over a month ago
Show Full Stories

X

To view all stories in expanded form, please subscribe.
Send Info
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.

ShowHide Related Items >><<
CTRN Citi Trends
$15.89 /

+0.54 (+3.52%)

CTRN Citi Trends
$15.89 /

+0.54 (+3.52%)

Over a quarter ago
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.

Hot Stocks
Citi Trends appoints David Makuen as CEO » 09:06
02/21/20
02/21
09:06
02/21/20
09:06
CTRN

Citi Trends

$22.79 /

-0.19 (-0.83%)

Citi Trends announced…

Citi Trends announced that the company's board has appointed David Makuen as CEO, effective March 9. Makuen will succeed Peter Sachse, who has served as interim CEO since December 9, 2019. Makuen will assume the day-to-day leadership of the company and will also join Citi Trends' board. Peter Sachse has been appointed by the board as the executive chairman, effective March 9 and will work alongside Makuen as he transitions into his new role as CEO.

ShowHide Related Items >><<
CTRN Citi Trends
$22.79 /

-0.19 (-0.83%)

02/22/19 Sidoti
Citi Trends initiated with a Buy at Sidoti
Hot Stocks
Citi Trends CFO Stuart Clifford to retire, effective March 29 » 06:54
01/13/20
01/13
06:54
01/13/20
06:54
CTRN

Citi Trends

$22.27 /

+0.23 (+1.04%)

The company also…

The company also announced that Stuart Clifford, Senior Vice President and CFO, plans to retire effective March 29. As part of the succession planning for Clifford's retirement, Jason Moschner has been promoted to Vice President, Finance. Moschner joined Citi Trends in June 2017 and has served in several roles in the company's finance organization, most recently as Director of Finance. The company has initiated a search for a new CFO and will consider both external and internal candidates.

ShowHide Related Items >><<
CTRN Citi Trends
$22.27 /

+0.23 (+1.04%)

02/22/19 Sidoti
Citi Trends initiated with a Buy at Sidoti
Hot Stocks
Citi Trends reports holiday SSS up 3.6% » 06:52
01/13/20
01/13
06:52
01/13/20
06:52
CTRN

Citi Trends

$22.27 /

+0.23 (+1.04%)

Total sales in the first…

Total sales in the first two months of the fourth quarter of fiscal 2019 increased 5.4% to $170.5M compared with $161.9M in the same period of 2018. Comparable store sales increased 3.6% during the two-month period. Peter Sachse, Interim CEO, commented, "We were pleased with a 3.6% increase in comparable store sales during the holiday season, as our continued strategic shift towards non-apparel merchandise proved to be successful. We are achieving this sales growth on much less inventory, resulting in very current merchandise levels. We enter the new year well-positioned to grow Citi Trends' business and I look forward to discussing our strategic priorities at the ICR Conference on January 14th."

ShowHide Related Items >><<
CTRN Citi Trends
$22.27 /

+0.23 (+1.04%)

02/22/19 Sidoti
Citi Trends initiated with a Buy at Sidoti
Hot Stocks
Citi Trends names Lisa Powell as new CMO » 16:06
09/30/19
09/30
16:06
09/30/19
16:06
CTRN

Citi Trends

$18.40 /

-0.29 (-1.55%)

Citi Trends announced…

Citi Trends announced that it has hired Lisa Powell as Executive Vice President and Chief Merchandising Officer. Ms. Powell will oversee the merchandising, planning and allocation functions of the company. She has extensive off-price retail experience, serving TJX, Inc. for 20 years in various merchandising and planning/allocation positions.

ShowHide Related Items >><<
CTRN Citi Trends
$18.40 /

-0.29 (-1.55%)

02/22/19 Sidoti
Citi Trends initiated with a Buy at Sidoti

Get Full Fly Access

Breaking market intelligence sent straight to you
Our team of experts analyze every news story and filter out the noise to deliver real-time market moving news.
Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.