Financial Highlights \u2013 13 week second quarter ended July 31, 2021<\/span><\/i><\/b><\/p>\n \nThe Company is reporting operating results for Q2 2021 relative to Q2 2019 to provide a more normalized comparison of performance since Q2 2020 included significant favorable one-time expense reductions related to COVID-19 such as furloughs, reduced store hours and closures, abated rents and other COVID-19 cost credits.\n<\/p>\n Financial Highlights \u2013 26 week first half ended July 31, 2021<\/span><\/i><\/b><\/p>\n \nIn the first half of 2021, total sales were $522.7 million, an increase of 34.8% compared to the first half of 2019. Gross margin was 41.8%, an increase of 440 bps over the same period of 2019. Operating income was $55.4 million for an operating margin of 10.6% compared to operating income of $8.9 million and operating margin of 2.3% in the first half of 2019. Year-to-date, earnings per diluted share was $4.63 compared to $0.68 in the first half of 2019.\n<\/p>\n Chief Executive Officer Comments<\/span><\/i><\/b><\/p>\n David Makuen, Chief Executive Officer, commented, \u201cWe 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. 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.\u201d<\/span><\/p>\n Makuen continued, \u201cOur top line and bottom line results were once again broad-based with particular strength in our \u2018CITIs\u2019 for Men\u2019s, Ladies\u2019 and Beauty\/Accessories. Most importantly, we lapped our second quarter 2020 comparable store sales of +15.6% with strong comparable store sales of +8.7%. We were extremely pleased to deliver a +25.6% comp as compared to the second quarter of 2019 on 14.3% less inventory. 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.\u201d<\/span><\/p>\n \u201cBased on our strong first half performance and confidence in our ability to capitalize on the opportunities that lie ahead, including an amazing holiday assortment to drive fourth quarter sales and our plan to open 20+ stores over the remainder of the year, we have increased our full year total sales and EPS outlook. Our revised outlook now calls for midpoint total sales of $1 billion, reaching our previously shared long-range target more than a year earlier than planned, and delivering midpoint EPS of $6.40, or 354% higher than fiscal 2019. Importantly, the base foundation of our business has improved, fueled by improved and expanded trend-right assortments resulting in higher spend per customer which we believe is sustainable over time. We remain committed to expanding the reach of the Citi Trends brand, and we see a long runway of growth ahead as we continue to fuel market share gains and build shareholder value over time,\u201d Makuen concluded.<\/span><\/p>\n Capital Return Program Update<\/span><\/i><\/b><\/p>\n \nIn the second quarter, the Company repurchased approximately 215,000 shares of its common stock at an aggregate cost of $18.9 million. In the first half of fiscal 2021, the Company repurchased approximately 752,000 shares of its common stock at an aggregate cost of $64.4 million.\n<\/p>\n \nAt the end of the second quarter, $20.9 million remained available under the Company\u2019s existing share repurchase authorization. In addition, the Company\u2019s board of directors today announced the authorization of another $30.0 million share repurchase program.\n<\/p>\n Guidance <\/span><\/i><\/b><\/p>\n \nFollowing the Company\u2019s strong performance during the first half of the fiscal year, the Company is raising its full year 2021 guidance and expects to generate total sales of $990 million to $1.01 billion, an increase of approximately 27% to 29% as compared to fiscal year 2019. This would result in expected earnings per diluted share in a range of $6.30 to $6.50, an increase of 354% at the midpoint compared to fiscal 2019.\n<\/p>\n Investor Conference Call and Webcast <\/span><\/i><\/b><\/p>\n Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (303) 223-0120. A replay of the conference call will be available until August 31, 2021, by dialing (402) 977-9140 and entering the passcode, 21996408.<\/span><\/p>\n The live broadcast of Citi Trends’ conference call will be available online at the Company’s website, cititrends.com,<\/a> under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.<\/span><\/p>\n During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company\u2019s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.<\/span><\/p>\n About Citi Trends<\/span><\/i><\/b><\/p>\n Citi Trends, Inc. is a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States. The Company operates 589 stores located in 33 states. For more information, visit cititrends.com<\/a> or your local store.<\/span><\/p>\n Forward-Looking Statements<\/span><\/i><\/b><\/p>\n All statements other than historical facts contained in this news release, including statements regarding the Company\u2019s future financial results and position, business policy and plans, objectives and expectations of management for future operations and capital allocation expectations, are forward-looking statements that are subject to material risks and uncertainties. The words “believe,” “may,” “could,” “plans,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” \u201cupcoming,\u201d \u201ctrend\u201d and similar expressions, as they relate to the Company, are intended to identify forward-looking statements, although not all forward-looking statements contain such language. Statements with respect to earnings, sales or new store guidance are forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company\u2019s quarter-end financial and accounting procedures, are not guarantees of future performance or results and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements as a result of various factors which are discussed in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q, respectively, and any amendments thereto, filed with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to general economic conditions, including any deterioration whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory); the ongoing COVID-19 pandemic and associated containment and remediation efforts, the potential negative impacts of COVID-19 on the global economy and foreign sourcing; the impacts of COVID-19 on the Company’s financial condition, business operation and liquidity, including the re-closure of any or all of the Company\u2019s retail stores and distribution centers; transportation and distribution delays or interruptions; changes in freight rates; the Company\u2019s ability to attract and retain workers;<\/span><\/i>the Company\u2019s ability to negotiate effectively the cost and purchase of merchandise inventory risks due to shifts in market demand; the Company\u2019s ability to gauge fashion trends and changing consumer preferences; changes in consumer spending patterns; the duration and extent of economic stimulus; changes in product mix; interruptions in suppliers\u2019 businesses; temporary changes in demand due to weather patterns; seasonality of the Company\u2019s business; delays associated with building, opening and operating new stores; and delays associated with building, and opening or expanding new or existing distribution centers. Any forward-looking statements by the Company, with respect to guidance, the repurchase of shares pursuant to a share repurchase program, or otherwise, are intended to speak only as of the date such statements are made. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company does not undertake to publicly update any forward-looking statements in this news release or with respect to matters described herein, whether as a result of any new information, future events or otherwise.<\/span><\/i><\/p>\n \n$\n<\/p>\n<\/td>\n \n237,281\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n216,151\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n182,830\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(140,542\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(127,147\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(114,612\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(75,383\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(57,623\n<\/p>\n<\/td>\n 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\n500,824\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n99,177\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n77,679\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n43,799\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,938\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,145\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,777\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,642\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,133\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n724\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,600\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n156,592\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n139,877\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,349\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,772\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n353,837\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n337,367\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n142,374\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n163,457\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n496,211\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n500,824\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210824005264\/en\/<\/a><\/span><\/p>\n\n
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\n \u00a0<\/td>\n<\/tr>\n \n <\/tr>\n \n CITI TRENDS, INC.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)<\/b><\/td>\n<\/tr>\n \n (in thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Thirteen Weeks Ended<\/b><\/td>\n \n Thirteen Weeks Ended<\/b><\/td>\n \n Thirteen Weeks Ended<\/b><\/td>\n<\/tr>\n \n \n \n \n July 31, 2021<\/b><\/td>\n \n August 1, 2020<\/b><\/td>\n \n August 3, 2019<\/b><\/td>\n<\/tr>\n \n \n \n \n (unaudited)<\/td>\n \n (unaudited)<\/td>\n \n (unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of sales (exclusive of depreciation shown separately below)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income (loss) before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax (expense) benefit<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic net income (loss) per common share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted net income (loss) per common share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of shares outstanding<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n Twenty-Six Weeks Ended<\/b><\/td>\n \n Twenty-Six Weeks Ended<\/b><\/td>\n \n Twenty-Six Weeks Ended<\/b><\/td>\n<\/tr>\n \n \n \n \n July 31, 2021<\/b><\/td>\n \n August 1, 2020<\/b><\/td>\n \n August 3, 2019<\/b><\/td>\n<\/tr>\n \n \n \n \n (unaudited)<\/td>\n \n (unaudited)<\/td>\n \n (unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net sales<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Cost of sales (exclusive of depreciation shown separately below)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Selling, general and administrative expenses<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Asset impairment<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income from operations<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest income<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Interest expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income before income taxes<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Net income loss<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Basic net income per common share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted net income per common share<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average number of shares outstanding<\/td>\n \n \n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n <\/tr>\n \n CITI TRENDS, INC.<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)<\/b><\/td>\n<\/tr>\n \n (in thousands)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n July 31, 2021<\/b><\/td>\n \n August 1, 2020<\/b><\/td>\n<\/tr>\n \n \n \n \n (unaudited)<\/td>\n \n (unaudited)<\/td>\n<\/tr>\n \n Assets:<\/td>\n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n \n \n \n \n \n \n \n Short-term investment securities<\/td>\n \n \n \n \n \n \n \n \n Inventory<\/td>\n \n \n \n \n \n \n \n \n Prepaid and other current assets<\/td>\n \n \n \n \n \n \n \n \n Property and equipment, net<\/td>\n \n \n \n \n \n \n \n \n Operating lease right of use assets<\/td>\n \n \n \n \n \n \n \n \n Other noncurrent assets<\/td>\n \n \n \n \n \n \n \n \n Total assets<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and Stockholders’ Equity:<\/td>\n \n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n Accrued liabilities<\/td>\n \n \n \n \n \n \n \n \n Current operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Income tax payable<\/td>\n \n \n \n \n \n \n \n \n Other current liabilities<\/td>\n \n \n \n \n \n \n \n \n Revolving credit facility<\/td>\n \n \n \n \n \n \n \n \n Noncurrent operating lease liabilities<\/td>\n \n \n \n \n \n \n \n \n Other noncurrent liabilities<\/td>\n \n \n \n \n \n \n \n \n Total liabilities<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Total stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n Total liabilities and stockholders’ equity<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n <\/p>\n