Welcome to our dedicated page for Citi Trends news (Ticker: CTRN), a resource for investors and traders seeking the latest updates and insights on Citi Trends stock.
Citi Trends, Inc. (NASDAQ: CTRN) generates a steady flow of news as an off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States. This news page aggregates company press releases and other coverage so readers can follow how the retailer’s strategy and operations translate into reported results and corporate developments.
Recent Citi Trends news has focused on quarterly earnings, holiday sales performance and updates to fiscal outlook. The company regularly reports total sales, comparable store sales growth, gross margin trends, SG&A leverage, net income or loss and adjusted EBITDA, often highlighting the impact of its three-tiered merchandise assortment and strategic transformation framework. Releases also describe store remodel activity, store openings and closures, and changes in inventory levels and liquidity.
Beyond financial updates, Citi Trends issues announcements about investor conference appearances, such as presentations at the ICR Conference and the Global Consumer & Retail Conference, as well as scheduling notices for upcoming earnings releases and conference calls. The company also publishes news on community initiatives, including its Black History Makers grant program, which supports Black-owned businesses and entrepreneurs.
Visitors to this CTRN news page can review historical and recent articles covering first, second and third quarter results, holiday sales updates, guidance revisions, capital allocation actions and community-focused programs. For investors, analysts and followers of the off-price retail sector, this page offers a centralized view of how Citi Trends communicates its performance, strategic priorities and engagement with its core African American customer base over time.
Citi Trends, Inc. (NASDAQ: CTRN) has authorized a new $30 million share repurchase program, demonstrating confidence in its business amidst a low-single digit sales increase expected during the holiday season. Funding for the new repurchase initiative will be sourced from cash on hand. Additionally, the previous $30 million share repurchase program has seen the company buy back 618,796 shares for approximately $18.1 million, with $11.9 million left under that authorization. The company operates 585 stores across 33 states, focusing primarily on value-priced apparel and accessories.
Citi Trends reported a strong third quarter for the period ending October 31, 2020, with total sales rising 8.8% to $199.1 million compared to $183.1 million in Q3 2019. Comparable store sales increased 6.3%, marking the fifth consecutive quarter of growth. Gross margin improved by 440 basis points to 41.8%, driven by effective inventory management. Net income reached $7.0 million, a significant improvement from a loss of $1.1 million a year earlier. Despite positive results, the company conservatively estimates flat comparable store sales for Q4 2020 due to ongoing market uncertainties.
Citi Trends, Inc. (NASDAQ: CTRN) plans to release its third-quarter earnings on December 1, 2020, before the market opens. A conference call to discuss the results will occur at 9:00 a.m. ET on the same day, with a live broadcast available on the company's website. A telephonic replay will be accessible until December 8, 2020. The call may include insights on recent business and financial developments.
Citi Trends, Inc. (NASDAQ: CTRN) has provided an update for the third quarter, reporting an expected increase of approximately 5% in comparable store sales, surpassing previous estimates. The company has repurchased around 350,000 shares under a $30 million repurchase program funded by cash on hand. Additionally, Citi Trends opened six new stores, bringing the total to 585. The announcement also includes the appointment of Pamela Edwards as Chief Financial Officer, effective January 4, 2021, who brings extensive experience from L Brands and other retailers.