Value priced fashion retailer Citi Trends has named Five Below executive, David Makuen, as its new CEO, succeeding Peter Sachse who has served in the position on an interim basis since December.
Makuen will take up in the role on 9 March, assuming the day-to-day leadership of the company and will also join Citi Trends’ board of directors.
He most recently served as executive vice president of marketing, strategy, and e-commerce for Five Below and previously held roles at Eddie Bauer and Ann Taylor.
“David’s proven leadership experience along with his unique skillset gives us confidence that he is the right leader to drive Citi Trends’ long-term strategic plan to reach sales of US$1b by 2022 and an earnings per share CAGR of 20-25%,” says Citi Trends chairman, Brian Carney.
Following Makuen’s appointment, Sachse has been appointed by the board as executive chairman and will work alongside Makuen as he transitions into his new role.
In addition, Citi Trends has narrowed its fiscal 2019 earnings per diluted share guidance to a range of $1.47 to $1.49 when adjusted for proxy-contest and interim CEO related expenses, which is at the upper end of the company’s prior guidance.
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By GlobalDataIt is also reporting that it achieved a 3.1% comparable-store sales increase for the fourth quarter.
Management will provide further details on its fourth-quarter conference call on 13 March.
