Citi Trends to open at least 100 new stores by end of fiscal 2023
Citi Trends is bullish on store growth amid strong holiday sales.
The value retailer of urban fashion apparel, accessories and home goods, primarily for African American and Latinx families, said it will grow its store fleet with at least 100 new locations by the end of fiscal 2023. It also plans to remodel at least 150 stores by the end of fiscal 2023.
Citi Trends also reported that its total sales for the nine-week period ended January 2, 2021 increased 12.9% to $192.5 million. Comparable store sales increased 10.3% versus 3.6% in the same period last year.
In November 2019, Citi Trends moved to expanded home assortments and gift items in its stores.
“We are thrilled with our holiday sales results that significantly exceeded our expectations,” said David Makuen, CEO. “The 10.3% comparable-store sales increase is reflective of our curated merchandising strategies and on-trend gift assortment with amazing values, which resonated with our customers during the holiday season. Notably, we continue to drive meaningful gross margin and operating margin expansion fueled by full-price selling and accelerated inventory turns.”
Citi Trends now expects positive comparable store sales in the low double-digit range for the fourth quarter. More long term, it called for increasing top-line sales to more than $1 billion in fiscal 2023.
“We enter 2021 in a strong position and are excited about the underlying momentum of our business,” Makuen said. “We are committed to the same merchandising and marketing strategies that have driven our recent success, and we believe we are well-positioned to continue capitalizing on the demand for our brand and serving our loyal customer base.”