US retailer Citi Trends posts Q2 sales of $237 mn; raises FY21 outlook

Citi Trends, a US-based leading value retailer of apparel and home trends, has reported 29.8 per cent sales growth to $237.3 million in second quarter (Q2) of FY21 ended on July 31, 2021, against corresponding period of 2019. Following the strong first half performance, the company has raised its FY21 outlook and expects sales to be in range of $990 million to $1.01 billion.

 

Citi Trends, a leading retailer of apparel and home trends, reported 29.8 per cent sales growth to $237.3 million in second quarter (Q2) of FY21 ended on July 31, 2021, against corresponding period of 2019. Following the strong first half performance, the company has raised its FY21 outlook and expects sales to be in range of $990 million to $1.01 billion.#

“We are very pleased with our strong second quarter results that once again showcased the continuation of the end-to-end transformation of our business model, as well as the flexibility and agility of our teams. We are more confident than ever in the power of our physical stores in underserved communities that really need us,” David Makuen, chief executive officer at Citi Trends, said in a press release.

 

Citi Trends, a leading retailer of apparel and home trends, reported 29.8 per cent sales growth to $237.3 million in second quarter (Q2) of FY21 ended on July 31, 2021, against corresponding period of 2019. Following the strong first half performance, the company has raised its FY21 outlook and expects sales to be in range of $990 million to $1.01 billion.#

“We saw a significant increase of new customers in our stores and our customers are in a better financial position which we expect will continue as employment levels rise and the economy continues to improve,” Makuen added.

 

Citi Trends, a leading retailer of apparel and home trends, reported 29.8 per cent sales growth to $237.3 million in second quarter (Q2) of FY21 ended on July 31, 2021, against corresponding period of 2019. Following the strong first half performance, the company has raised its FY21 outlook and expects sales to be in range of $990 million to $1.01 billion.#

The American retailer’s operating income during the three-month period escalated to $16.4 million (Q2 FY19: $0.2 million), while net income for the quarter rose to $12.5 million ($0.4 million).

 

Citi Trends, a leading retailer of apparel and home trends, reported 29.8 per cent sales growth to $237.3 million in second quarter (Q2) of FY21 ended on July 31, 2021, against corresponding period of 2019. Following the strong first half performance, the company has raised its FY21 outlook and expects sales to be in range of $990 million to $1.01 billion.#

““Our top line and bottom-line results were once again broad-based with particular strength in our ‘Citis’ for mens, ladies’ and beauty/accessories. Most importantly, we lapped our second quarter 2020 comparable store sales up 15.6 per cent with strong comparable store sales up 8.7 per cent. We entered the third quarter with stores full of fresh, new trends for the entire family, and we feel great about the momentum in our business, including a strong start to our back-to-school and back-to-dorm season,” Makuen concluded.