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February 24, 2020

Citi Trends names new CEO, narrows EPS guidance

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. 

By Beth Wright

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. 

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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.

It 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. 

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Free Report
img

Stay ahead of the European apparel market

After witnessing a dip of 21.2% in 2020, the European apparel market has seen a significant growth of 22.7% in 2021. This comes as, despite lockdowns and social restrictions in the first half of the year, mass vaccination drives meant consumers returned to their workplaces and began reattending social occasions in the latter, putting money back into apparel. However, increasing inflation and costs of living in 2022 are severely affecting consumers’ discretionary incomes. It is now crucial for European brands to understand how shopping habits are changing in order to stay ahead of their competitors. The Apparel Market & Forecasts in Europe to 2025 report will help you:
  • Explore how different subsectors and countries are performing within the European apparel market, and which offer the most growth potential
  • Understand how European consumers' shopping behaviors have changed post-COVID-19
  • Find out which retailers are making the most gains, and what they are doing to remain competitive
  • Gain insight into the key trends affecting the European apparel market
Download this report now to get ahead of your competition and formulate winning business strategies.
by GlobalData
Enter your details here to receive your free Report.

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