Citi Trends, Inc. (NASDAQ:CTRN) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
On March 13, 2020, Citi Trends, Inc. (the “Company”) issued a press release reporting its financial results for its fourth quarter and fiscal year ended February 1, 2020 (the “Earnings Release”). A copy of the Earnings Release is attached to this Current Report on Form 8-K (“Current Report”) as Exhibit 99.1, the contents of which are incorporated herein solely for purposes of this Item 2.02 disclosure.
The information in this Item 2.02, including the Earnings Release attached to this Current Report, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this Item 2.02, including the Earnings Release, shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Effective as of February 2, 2020, Christina K. Short, the current Senior Vice President and General Merchandise Manager of the Company was promoted to the position of Senior Vice President, General Planning Manager. In connection with her promotion, the Board of Directors of the Company approved an increase in her base salary to $345,000.
On March 13, 2020, the Company also announced that the Board of Directors of the Company has approved a share repurchase program authorizing the Company to repurchase up to $30 million of its common stock (the “Share Repurchase Program”). Repurchases under the Share Repurchase Program may be made at management’s discretion from time to time, with no time limit, on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so.
(d) Exhibits.
| 99.1 | Press Release dated March 13, 2020 |
Citi Trends Inc Exhibit
EX-99.1 2 tm2012554d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 CITI TRENDS ANNOUNCES FOURTH QUARTER & FULL YEAR 2019 RESULTS Fourth quarter comparable store sales up 3.1% Fourth quarter earnings per diluted share up 42% to $0.84,…
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About Citi Trends, Inc. (NASDAQ:CTRN)
Citi Trends, Inc. is a retailer of urban fashion apparel and accessories. The Company’s segment is retail operations. The Company operates approximately 520 stores in both urban and rural markets in over 30 states. The Company offers products under its brands, such as Citi Steps and Red Ape. The Company’s merchandise includes apparel, accessories and home. Within apparel, the Company offers fashion sportswear for men, women and children, including offerings for newborns, infants, toddlers, boys and girls. Accessories include handbags, jewelry, footwear, belts, intimate apparel, scrubs and sleepwear. The Company’s home merchandise includes decorative home product, functional home product, beauty, books, toys and electronic accessories. The Company sources its merchandise from approximately 1,700 vendors, consisting of domestic manufacturers and importers.