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Citi Trends announces leadership changes
Mar '15
Citi Trends, a value-priced retailer of urban fashion apparel, shoes, accessories and home décor, has recently announced leadership changes in the company.

According to a company statement, Ed Anderson is retiring as CEO, effective March 21, 2015. Jason Mazzola, currently serving as the executive vice president and chief merchandising officer, is upgraded as the president and chief executive officer, effective March 22, 2015 and has been appointed to the Board of Directors, effective immediately.

Additionally, Bruce Smith, who is currently the company’s executive vice president and chief financial officer, has been promoted as the chief operating officer, effective immediately.

Anderson will continue as an employee of the Company, serving as executive chairman of the Board, in order to provide for an orderly transition of the chief executive officer role. He will serve as the advisor and counsellor to Mazzola and will continue to serve as the chairman of the Company’s Real Estate Committee. Anderson will also provide broad oversight of the Company’s operations for the Board and Mazzola will report directly to him, according to reports.

Anderson said, “The successful turnaround of Citi Trends could not have been done without Jason Mazzola. He is an extraordinarily skilled merchant, leader and executive. He has earned this promotion and he will do well. Bruce has proven to be not only an outstanding CFO, but a well-respected leader. Jason and Bruce have the skills to lead our company and take it to new heights of success.”

Total sales of the company in the 52 weeks ended January 31, 2015, has increased 7.8 per cent to $670.8 million compared with $622.2 million in the 52 weeks ended February 1, 2014. Comparable store sales increased 7.5 per cent for the full year.

The Company had net income of $9.0 million, or $0.60 per diluted share, in fiscal 2014 compared with $0.5 million, or $0.03 per diluted share, in fiscal 2013.

Citi Trends opened eight stores, relocated or expanded six others, and closed two stores in fiscal 2014. The Company operates 513 stores located in 29 states. (GK)

Fibre2fashion News Desk - India

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