Citi Trends, the leading value retailer of apparel, accessories and home trends, has reported its third quarter (Q3) FY20 results ended on October 31, 2020. Total sales grew 8.8 per cent to $199.1 million compared to the sales of $183.1 million in the same period previous year. Net income for the quarter rose to $6.9 million (Q3 FY19: $1.0 million loss).
“I could not be more pleased with our third quarter performance as we exceeded our expectations by delivering total company sales growth of nearly 9 per cent and a comparable store sales increase of 6.3 per cent, which we achieved despite reduced operating hours and a challenging operating environment,” David Makuen, chief executive officer at Citi Trends, said in a press release.
Company’s income from operations for the quarter jumped to $9.3 million compared to loss of $1.5 million in Q3 FY19. Selling, general and administrative expenses increased 5.6 per cent year-over-year due to higher bonus and equity compensation accruals.
“We entered the holiday selling season well positioned to fill our stores with ‘Fab Festive Finds’ anchored in a broad range of giftable apparel, toys, tech, beauty, jewellery and more. Our 4,500 store team members cannot wait to create a happy holiday across our entire fleet,” Makuen said