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. reports news as an off-price value retailer of apparel, accessories, footwear and home trends primarily serving Black families in the United States. Company updates commonly cover comparable-store sales, holiday selling results, merchandise assortment changes, gross margin, SG&A leverage and operational execution across its store base.
Recurring announcements also include quarterly earnings releases, conference presentations, investor communications and governance developments such as board composition, committee leadership and shareholder-related cooperation agreements.
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.