In a recent press release, Citi Trends noted their long-term strategic growth plans. One of their main goals is to invest in physical infrastructure – remodeling 150 stores and growing their footprint with at least 100 new stores. These initiatives will be part of a bigger-picture, three-year plan. The plans include additional efforts to invest in infrastructure improvements, and to increase their top-line sales and operating income.
The apparel, accessories and home trends retailer also provided their sales results for the 2020 holiday shopping season. Citi Trends’ total sales for the nine-week period increased 12.9% to $192.4 million with comparable sales at 10.3%. The company entered 2021 in a strong financial position and is expecting positive sales results for Q4.
“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,” said David Makuen, Chief Executive Officer at Citi Trends.
Source: Citi Trends Press Release 1/20/21
Photo Credit: Citi Trends to Open 100 Stores – CSA
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of fashion apparel, accessories and home trends for the entire family. The Company operates 585 stores located in 33 states. Citi Trends’ website address is www.cititrends.com.