Citi Trends, Inc. (NASDAQ:CTRN) Files An 8-K Results of Operations and Financial Condition
Item 2.02. Results of Operations and Financial Condition.
On August 20, 2020, Citi Trends, Inc. (the “Company”) issued a press release reporting its financial results for its second quarter ended August 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.
Item 9.01. Financial Statements and Exhibits.
|99.1||Earnings Release dated August 20, 2020|
Citi Trends Inc Exhibit
EX-99.1 2 tm2029034d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 CITI TRENDS ANNOUNCES RECORD SECOND QUARTER 2020 RESULTS Second quarter total sales increased 18.2% to $216 million and comparable sales in reopened stores increased 32.2% exceeding expectations Gross margin increased 390 bps to 41.2% driven by full-priced sales Operating margin expanded to 12.2% compared to 0.1% in the prior year period Earnings per share of $1.90 compared to $0.03 in the second quarter of 2019 Strong liquidity with cash and investments at $147 million at the end of the quarter SAVANNAH,…
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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.