Citi Trends, Inc., www.cititrends.com – an optimal-price urban fashion retailer focused on providing offerings for the entire family, which has a network of 420 stores in 24 states, disclosed record-breaking 1Q FY10 (ending May 1) results this week on Wednesday, May 19, 2010.
Not only was the data so good it broke all of the Company’s 1Q records, it broke the record for any quarter in CTRN’s history:
• Total Sales up 26.8% to $181.4M
• Comparable Store Sales up 9.6% (a 2.2% gain from 1Q FY09 increase of 7.4%)
• Net Income up 36.3% to $12.4M
• EPS up 59.3% to $0.86
While the fashion market is volatile at best, the business strategy and particular tack that CTRN takes on the market makes them able to navigate even choppy seas, providing superior customer service and being highly attuned to the specific trends and consumer preferences.
Opening 19 new locations to better serve their growing market footprint and brand potential, CTRN also relocated or moved 5 stores in 1Q, while also closing two less profitable locations.
The Company hosted a conference call to the effect of going over these outstanding financials, and a recording is available at CTRN’s website until this coming Wednesday, May 26, 2010.
CTRN has quickly established a near-term track record of proven ability to make their consumer model function despite a brutal economic environment, using a team of savvy buyers to comb the world for quality fashion at low prices, which they can put into the business’s supply chain, having created an ideal shopping environment for quality fashions at everyday low prices.
With over half a century in the apparel business, CTRN went public in 05 and has been knocking out the competition ever since. The company has projected a roll-out of an additional new 65 locations in 2011 (which would bring the total up to 485 stores), and has an intelligent set of parameters for selecting other locations to develop in the future.