Citi Trends,Inc. (NASDAQ:CTRN) Files An 8-K Other Events
Item 8.01 Other Events.
On April10, 2017, Citi Trends,Inc. (the Company) issued a press
release announcing that the Companys board of directors (Board)
has authorized an expanded capital return program, which includes
the repurchase of up to $25 million of its common stock, a 33.3%
increase in the Companys quarterly dividend, from $0.06 to $0.08
per share, maintaining a minimum cash balance of $80 million, and
a commitment to return excess cash to the Companys stockholders
through additional dividends and buybacks. The increased dividend
will begin with the Companys second quarter dividend to be paid
in June2017, consistent with the Companys typical timing for its
second quarter dividend, subject to Board approval. A copy of the
press release is attached hereto as Exhibit99.1 and incorporated
herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
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ExhibitNo. |
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Description |
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99.1 |
Press Release dated April10, 2017 |
Forward-Looking Statements
All statements other than historical facts contained in this
current report on Form8-K, including statements regarding our
future financial results and position, business policy and plans,
objectives of management for future operations and our intentions
and ability to pay dividends and complete any share repurchases,
are forward-looking statements that are subject to material risks
and uncertainties. The words believe, may, could, plans,
estimate, continue, anticipate, intend, expect and similar
expressions, as they relate to Citi Trends, are intended to
identify forward-looking statements. Investors are cautioned that
any such forward-looking statements are not guarantees of future
performance or results and are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Actual results or developments may differ materially from those
included in the forward-looking statements as a result of various
factors which are discussed in Citi Trends filings with the
Securities and Exchange Commission. These risks and uncertainties
include, but are not limited to, uncertainties relating to
economic conditions, growth risks, consumer spending patterns,
competition within the industry, competition in our markets, the
ability to anticipate and respond to fashion trends and the
outcome of our current proxy fight and any other actions of
activist stockholders. Any forward-looking statements by the
Company with respect to the Companys intention to declare and pay
dividends, repurchase shares to the share repurchase program, or
otherwise, are intended to speak only as of the date such
statements are made. Except as required by applicable law,
including the securities laws of the United States and the
rulesand regulations of the Securities and Exchange Commission,
Citi Trends does not undertake to publicly update any
forward-looking statements in this current report on Form8-K or
with respect to matters described herein, whether as a result of
any new information, future events or otherwise.
Important Additional Information
Citi Trends, its directors and certain of its executive officers
may be deemed to be participants in the solicitation of proxies
from Citi Trends stockholders in connection with the matters to
be considered at Citi Trends 2017 Annual Meeting to be held on
May24, 2017. On April3, 2017, Citi Trends filed a definitive
proxy statement (the Proxy Statement) with the U.S. Securities
and Exchange Commission (the SEC) in connection with any such
solicitation of proxies from Citi Trends stockholders.
INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ THE PROXY STATEMENT AND ACCOMPANYING BLUE PROXY CARD WITH
RESPECT TO THE 2017 ANNUAL MEETING, AND OTHER DOCUMENTS FILED
WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY AS THEY CONTAIN
IMPORTANT INFORMATION. Detailed information regarding
the identity of potential participants, and their direct or
indirect interests, by security holdings or otherwise, is set
forth in the Proxy Statement and other materials to be filed with
the SEC in connection with Citi Trends 2017 Annual Meeting.
Stockholders may obtain the Proxy Statement, any amendments or
supplements to the Proxy Statement and other documents filed by
Citi Trends with the SEC for no charge at the SECs website at
www.sec.gov. Copies will also be available at no charge at the
Investor Relations section of our corporate website at
www.cititrends.com.
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. Citi Trends, Inc. (NASDAQ:CTRN) Recent Trading Information
Citi Trends, Inc. (NASDAQ:CTRN) closed its last trading session down -0.25 at 16.64 with 84,687 shares trading hands.