Citi Trends, Inc., a value retailer of clothing, accessories and home trends that has nearly 600 stores throughout the country, said that its total sales for the first quarter, through April 3, 2021, soared by 77.2 percent in contrast to the same timeframe in 2020, and 36.3 percent in contrast to the same timeframe in 2019.
In a Wednesday (April 14) announcement, CEO David Makuen said that the firm’s first-quarter topline performance through April 3 came out ahead of the company’s expectations.
“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,” Makuen said in the announcement.
Citi Trends also reported that comparable-store sales for the first quarter through April 3, 2021 jumped by 74.5 percent in contrast to the same timeframe last year.
However, the company noted that the pandemic had a heavy effect on first-quarter 2020 sales, and led to the temporary closure of the firm’s retail locations starting on March 20 of last year.
Citi Trends forecasts first-quarter total sales to be between $280 million and $285 million, which would mark a rise of 141 percent to 145 percent in contrast to the same timeframe in 2020, and a rise of 37 percent to 39 percent in contrast to the same timeframe in 2019. The company anticipates earnings per share for the first quarter of 2021 to be between $2.75 and $2.90.
“As we look forward, the environment remains uncertain, and there is no assurance that our first quarter trends will continue, particularly as we approach the significant positive performance after reopening our stores in the second quarter of 2020,” Makuen said in the announcement.
Citi Trends operates 584 retail locations across 33 states, according to the announcement.
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