Citi Trends has reported operating results for the third quarter of 2021. Q3 Highlights:
- Total sales increased 14.5% vs. Q3 2020, on top of an 8.8% increase in Q3 2020 vs. 2019
- Comparable store sales increased 13.1% vs. Q3 2020, on top of a 6.3% increase in Q3 2020 vs. 2019; represents the ninth consecutive quarter of positive open-only comparable store sales
- Gross margin increased 290 bps to 40.3% compared to 37.4% in Q3 2019
- Operating margin was 5.1% compared to (0.9%) in Q3 2019
- Earnings per diluted share was $1.03 compared to a loss of ($0.09) in Q3 2019
- Quarter-end total inventory increased 10.9% vs. Q3 2020, on top of a 15.5% decrease in Q3 2020 vs. Q3 2019
- During Q3 2021, the Company opened 11 new stores and remodeled 3 stores that were damaged by Hurricane Ida; total store count of 600 stores at the end of Q3 2021 with plans to end the fiscal year with approximately 611 stores
“We are thrilled to report strong third quarter results building on the positive momentum from the first half of the year. I’m especially pleased with our 13% comp sales increase for the quarter on top of a 6% comp sales increase for the same period in 2020,” said David Makuen, Chief Executive Officer.
The company is looking ahead to 2022 and plans to focus on brick and mortar – opening new stores, while remodeling old ones as well.
“Looking ahead to fiscal 2022, we are excited to continue our transformation and remain confident in the trajectory of the business. We plan to open approximately 40 new stores next year, coupled with remodeling approximately 40 stores,” Makuen added.
Source: Citi Trends Press Release
Photo Credit: CSA
