Citi Trends has released their sales results from the holiday season, noting a significant increase in comparable store sales. Due to their recent success, the company has updated their long-term strategic plan and plans to grow their footprint and remodel stores.Total sales for the nine-week holiday shopping period, ending on January 1, 2022 increased 20.1% versus the same period in 2019, to $204.8 million compared to $170.5 million. Comparable store sales increased 14.8% versus the same period in 2019.
“We are very pleased with our holiday sales results that included a strong comparable store sales increase of 14.8% compared to 2019. In addition, we continued to expand our gross margin, driven primarily by higher full-price selling and lower markdowns. Our performance was led by our enhanced shopping experience and on-trend assortment associated with our Give. Get. Gather. holiday campaign that included amazing gifts and stocking stuffers across our six merchandise Citis or categories. I am so proud of the entire Citi Trends team for their exceptional execution,” said David Makuen, Chief Executive Officer.
Citi Trends has revised its investor presentation to include the following updates on their long-term strategic plan initiatives:
- Comparable store sales growth of low-single digits per year
- Growing the fleet at a CAGR of 8-10% with a total potential of over 1,000 stores
- Remodeling at least 150 stores by the end of fiscal 2024
- Investments in infrastructure improvements with an emphasis on merchandising and supply chain
- EBITDA margin* in the low double-digits by the end of fiscal 2024
- Diluted earnings per share CAGR of at least 20%
Source: Citi Trends – Press Release
Photo Credit: Citi Trends
