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CITI TRENDS ANNOUNCES STRONG SECOND QUARTER 2021 RESULTS
Total sales were $237.3 million, an increase of 29.8% compared to Q2 2019
Comparable store sales increased 25.6% over Q2 2019
Gross margin increased 350 bps to 40.8% vs Q2 2019
Operating margin of 6.9% compared to 0.1% in Q2 2019
Earnings per diluted share of $1.36 compared to $0.03 in Q2 2019
Authorized a new $30 million share repurchase program
Expects to deliver full year 2021 total sales of approximately $1 billion
Raising full year 2021 guidance for diluted EPS to a range of $6.30 to $6.50
SAVANNAH, GA (August 24, 2021) — Citi Trends, Inc. (NASDAQ: CTRN), a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States, today reported results for the second quarter ended July 31, 2021.
Financial Highlights – 13 week second quarter ended July 31, 2021
The Company is reporting operating results for Q2 2021 relative to Q2 2019 to provide a more normalized comparison of performance since Q2 2020 included significant favorable one-time expense reductions related to COVID-19 such as furloughs, reduced store hours and closures, abated rents and other COVID-19 cost credits.
|·||Total sales increased 29.8% to $237.3 million compared to $182.8 million in Q2 2019|
|·||Comparable store sales increased 25.6% over Q2 2019|
|·||Gross margin increased 350 bps to 40.8% compared to Q2 2019 gross margin of 37.3%|
|·||As a percent of sales, selling, general and administrative expenses improved 270 bps compared to Q2 2019|
|·||Operating income was $16.4 million compared to $0.2 million in Q2 2019|
|·||Operating margin was 6.9% compared to 0.1% in Q2 2019|
|·||Net income was $12.5 million compared to $0.4 million in Q2 2019|
|·||Earnings per diluted share was $1.36 compared to $0.03 in Q2 2019|
|·||Quarter-end inventory decreased 14.3% compared to the end of Q2 2019|
|·||The Company opened 5 new stores during Q2 2021|
Financial Highlights – 26 week first half ended July 31, 2021
In the first half of 2021, total sales were $522.7 million, an increase of 34.8% compared to the first half of 2019. Gross margin was 41.8%, an increase of 440 bps over the same period of 2019. Operating income was $55.4 million for an operating margin of 10.6% compared to operating income of $8.9 million and operating margin of 2.3% in the first half of 2019. Year-to-date, earnings per diluted share was $4.63 compared to $0.68 in the first half of 2019.
Chief Executive Officer Comments
David Makuen, Chief Executive Officer, commented, “We are very pleased with our strong second quarter results that once again showcased the continuation of the end-to-end transformation of our business model, as well as the flexibility and agility of our teams. We are more confident than ever in the power of our physical stores in underserved communities that really need us. We saw a significant increase of new customers in our stores and our customers are in a better financial position which we expect will continue as employment levels rise and the economy continues to improve.”
The following information was filed by Citi Trends Inc (CTRN) on Tuesday, August 24, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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