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US clothing retailer Citi Trends posts Q1 FY21 sales of $285 mn

10
Jun '21
Pic: Citi Trends
Pic: Citi Trends
Citi Trends, a US-based leading value retailer of apparel and home trends, has reported 145.8 per cent sales growth to $285.4 million in its first quarter (Q1) FY21 ended on May 1, 2021, compared to $116.1 million in the corresponding period of previous fiscal. The company’s net income for the quarter rose to $30.9 million (Q1 FY20: loss $20.9 million).
 
“We had a very strong start to our fiscal 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 continued pandemic. Our robust, broad-based topline performance is attributed to our differentiated business model that continues to meet the needs of our customers through our highly curated merchandise across our six “CITIs,” combined with a unique and compelling shopping experience that we look to amplify even further,” David Makuen, chief executive officer at Citi Trends, said in a press release.
 
The company’s income from operations during Q1 FY21 jumped to $39.0 million ($27.5 million).
 
“Looking ahead, we feel very good about our overall positioning for the rest of fiscal 2021 and beyond. As we continue to enhance the Citi Trends experience for our customers and execute against 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 sooner than originally planned,” Mauken added.

Fibre2Fashion News Desk (JL)


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