What’s going on with CTRN?
Citi Trends, Inc. (CTRN) stock inched 2.62% higher after the specialty retailer revealed a robust sales increase in the first quarter and said it had repurchased 453,000 shares during the time period. The shares gained $2.39 per share and were trading at $93.75 Wednesday afternoon.
What’s next for Citi Trends?
Citi Trends (CTRN), a specialty value retailer primarily for African-American and Latinx families in the U.S., said unaudited first quarter sales are estimated in the $280 million to $285 million range, an estimated jump of 141% to 145% compared to its pandemic-impacted first quarter of 2020.
The company’s new guidance for the first quarter earnings per share is expected to be in the range of $2.75 and $2.90. It will update its 2021 guidance during its first quarter earnings call in May, according to a statement.
Citi Trends also announced it repurchased approximately 453,000 shares of its common stock for about $37.2 million.
Citi Trends CEO David Makuen said the company’s performance has “exceeded our expectations” and added, “our positive momentum has been driven by the loyalty of our existing customer base as well as the attraction of new customers, the strength of our brand, and our on-trend assortment, combined with the federal government stimulus that started during the third week of March. We are also very encouraged by the meaningful merchandise margin expansion we are seeing in the business, while we also remain disciplined in our expense management.”
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Citi Trends Inc is a retailer of urban fashion apparel and accessories in the United States. The company offers apparel, including fashion sportswear for men and women, as well as children, such as newborns, infants, toddlers, boys, and girls; accessories comprising handbags, jewelry, footwear, belts, intimate apparel, scrubs, and sleepwear; and functional and decorative home products, as well as beauty products, books, and toys.
