Citi Trends Q2 sales up over last year; adds four new stores
Citi Trends stores are back in business with sales exceeding expectations.
The value retailer of apparel, accessories and home goods said it has reopened 564 of its 574 stores, with the remaining locations expected to open by the end of July.
Total sales in the second quarter through June 27, increased 25% compared to the same period of the prior year, exceeding expectations. Same-store sales for reopened stores from their respective opening dates rose 53%.
“We are thrilled with our strong second quarter-to-date total and comparable store sales results as we continue to benefit from a combination of the strength of our brand, our value proposition and the federal government stimulus that began in early April,” stated David Makuen, CEO. “Our strong second quarter-to-date performance was driven by growth in both transactions and the average transaction size.”
Operating stores predominantly in Black communities, Citi Trends said it has a special interest “in doing its part to address the indelible racism in our communities across the country and advance the cause of justice and racial equality.” The company Citi Trends has formed the “CitiCARES Council,” which is made up of a “diverse set of individuals that will create and oversee initiatives of change.”
“This council will define how Citi Trends will move forward, together with communities across the country, to contribute to elevating humanity to a place of peace and inclusion so that families of color experience equality wherever they may walk, work, shop and carry out their lives,” the company stated.
Citi Trends, one of few multi-category, value-priced retailers focused primarily on the African American market, said it is continuing to make meaningful progress on its long-term strategic plan, including:
• Maximizing real estate opportunities, including the opening of four new stores thus far in the second quarter;
• Making improvements in supply chain, including reductions in freight cost and four-wall efficiencies;
• Reducing inventories, increasing margins and increasing turns of an appealing assortment of always-fresh merchandise; and
• Addressing select technology enhancements to improve efficiencies and productivity.