Citi Trends, a value-priced retailer of urban fashion apparel and home goods, posted 4.9 per cent sales growth in fourth quarter (Q4) FY19 to $211 million (Q4 FY18: $201.2 million). Sales in full FY19 ended on February 1, 2020, rose 1.6 per cent to $781.9 million (FY18: $769.6 million). However, net income fell in FY19 to $16.5 million (FY18: $21.4 million).
Citi Trends, a value-priced retailer of urban fashion apparel and home goods, posted 4.9 per cent sales growth in fourth quarter (Q4) FY19 to $211 million (Q4 FY18: $201.2 million). Sales in full FY19 ended on February 1, 2020, rose 1.6 per cent to $781.9 million (FY18: $769.6 million). However, net income fell in FY19 to $16.5 million (FY18: $21.4 million).#
"We ended 2019 on a high note with strong top and bottom line results that reflect continued progress on a number of our strategic initiatives. We successfully continued to shift our offering towards more non-apparel merchandise, while fueling our growth with lower inventory levels and faster turns, resulting in significantly higher gross profit," Peter Sachse, executive chairman, said in a press release.
Citi Trends, a value-priced retailer of urban fashion apparel and home goods, posted 4.9 per cent sales growth in fourth quarter (Q4) FY19 to $211 million (Q4 FY18: $201.2 million). Sales in full FY19 ended on February 1, 2020, rose 1.6 per cent to $781.9 million (FY18: $769.6 million). However, net income fell in FY19 to $16.5 million (FY18: $21.4 million).#
Operating profit in Q4 increased 27.7 per cent to $11.3 million (Q4 FY18: $8.8 million), while it dropped to $18.6 million in FY19 compared to $25.1 million in prior year. Net income in the quarter increased to $9.4million (Q4 FY18: 7.3 million).
Citi Trends, a value-priced retailer of urban fashion apparel and home goods, posted 4.9 per cent sales growth in fourth quarter (Q4) FY19 to $211 million (Q4 FY18: $201.2 million). Sales in full FY19 ended on February 1, 2020, rose 1.6 per cent to $781.9 million (FY18: $769.6 million). However, net income fell in FY19 to $16.5 million (FY18: $21.4 million).#
The company reported that in fiscal 2019, Citi Trends opened 16 new stores, remodeled, relocated or expanded 25 stores and closed 7 stores to end the year at a total of 571 open stores.
Citi Trends, a value-priced retailer of urban fashion apparel and home goods, posted 4.9 per cent sales growth in fourth quarter (Q4) FY19 to $211 million (Q4 FY18: $201.2 million). Sales in full FY19 ended on February 1, 2020, rose 1.6 per cent to $781.9 million (FY18: $769.6 million). However, net income fell in FY19 to $16.5 million (FY18: $21.4 million).#
"We are entering the spring season with current merchandise at lower inventory levels than in recent years, which will enable us to deliver a higher level of fresh fashion and drive our sales in the first half of the year," Sachse said.
Fibre2Fashion News Desk (JL)
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