U.S. Clothing Retailer Citi Trends Reports $ 285 Million in First Quarter FY21

Citi Trends, a leading U.S. retailer of home clothing and trends, reported sales growth of 145.8% to $ 285.4 million in its first quarter (Q1) FY21 ended 1 May 2021, up from $ 116.1 million in the corresponding previous fiscal period. The company’s net income for the quarter was $ 30.9 million (Q1 FY20: loss of $ 20.9 million).

“We had a very good start to the year, with record first quarter results for total sales, gross margin and operating margin, building on our momentum from last year despite the backdrop of the pandemic continues. Our strong overall performance is attributed to our differentiated business model which continues to meet the needs of our customers through our highly selected products in our six “CITIs”, combined with a unique and compelling shopping experience that we seek to amplify even further. away, ”said David Makuen, CEO of Citi Trends, in a press release.

The company’s operating income in the first quarter of fiscal 21 jumped to $ 39.0 million ($ 27.5 million).

“Looking ahead, we are very satisfied with our global positioning for the remainder of fiscal 2021 and beyond. As we continue to improve the Citi Trends experience for our clients and execute on our strategic priorities, we are well ahead of our previously shared long-term plan and expect to achieve our growth target of $ 1 billion. in sales earlier than initially expected, ”said Mauken. added.

Fibre2Fashion Information Office (JL)

Citi Trends, a leading U.S. retailer of home clothing and trends, reported sales growth of 145.8% to $ 285.4 million in its first quarter (Q1) FY21 ended 1 May 2021, up from $ 116.1 million in the corresponding previous fiscal period. The company’s net income for the quarter was $ 30.9 million (Q1 FY20: loss of $ 20.9 million).


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Anne G. Cash