Retailer Citi Trends Looks to Open 100 New Locations in Next 2 Years
15 Jan, 2021
Citi Trends, a value retailer of urban fashion apparel, accessories and home goods, says it will grow its store fleet with at least 100 new locations by the end of fiscal 2023. It also plans to remodel at least 150 stores by the end of fiscal 2023, reports the publication Chain Store Age.
Citi Trends also reported that its total sales for the nine-week period ended January 2 increased 12.9% to $192.5 million. Comparable store sales increased 10.3% versus 3.6% in the same period last year.
“We are thrilled with our holiday sales results that significantly exceeded our expectations,” said David Makuen, CEO. “The 10.3% comparable-store sales increase is reflective of our curated merchandising strategies and on-trend gift assortment with amazing values, which resonated with our customers during the holiday season. Notably, we continue to drive meaningful gross margin and operating margin expansion fueled by full-price selling and accelerated inventory turns.”
Citi Trends now expects positive comparable store sales in the low double-digit range for the fourth quarter, reports CSA. More long term, it called for increasing top-line sales to more than $1 billion in fiscal 2023.
“We enter 2021 in a strong position and are excited about the underlying momentum of our business,” Makuen said. “We are committed to the same merchandising and marketing strategies that have driven our recent success, and we believe we are well-positioned to continue capitalizing on the demand for our brand and serving our loyal customer base.”
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