Citi Trends, a US-based leading value retailer of apparel, accessories and home goods, has reported net sales of $116.1 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $205.0 million in same period prior year. Company incurred a net loss of $20.8 million in the reported quarter compared to net income of $7.7 million in Q1 FY19.
“Under the guidelines of state and local authorities, as of today we have safely reopened 498 stores across 26 states and I am pleased to report that just shy of four weeks into our fiscal second quarter the reopened stores are registering comparable store sales growth that has substantially exceeded our expectations,” David Makuen, chief executive officer, said in a press release.
Selling, general and administrative expenses for the quarter decline 14.8 per cent to $54.0 million (Q1 FY19: $63.4 million). Company reported a loss from operations of $27.5 million compared to income from operations of $8.7 million in same period prior year.
“While still very early in the recovery from this pandemic, our results prove that our customers in the communities we serve are voting on the style, quality and extreme value of our mix of basics, fashion, trends and sought-after brands as they fulfil many of their apparel, accessories and home needs,” Makuen said.
