View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 19, 2018

Citi Trends names Smith permanent CEO, hails Q4

Citi Trends has hailed a comparable sales increase as the "highlight" of its fourth-quarter as the US value fashion retailer promoted Bruce Smith to permanent CEO.

By Beth Wright

Citi Trends has hailed a comparable sales increase as the “highlight” of its fourth-quarter as the US value fashion retailer promoted Bruce Smith to permanent CEO.

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.

For the 14 weeks ended 3 February, the company said net income totalled US$5.2m compared with $5.6m in the year-ago period. It acknowledged $1.6m of expense in the quarter, resulting from the enactment of the Tax Cuts and Jobs Act in December 2017.

Total sales, meanwhile, increased 14.4% to $212.1m, compared with $185.5m in the 13-week quarter last year. Citi Trends said the extra week contributed $11.8m to total sales in the fourth quarter of fiscal 2017.

“Fourth-quarter sales and earnings continued to build on the broad-based strength in all five of our major merchandise categories that we saw in the first three quarters of the year,” noted Smith. “The highlight of the quarter was a 5.6% comparable store sales increase, particularly since it was on top of a 3.4% increase in last year’s fourth quarter. In addition, expenses were very well-controlled and inventory turns continued to improve. As we have entered fiscal 2018, comparable store sales are up 3% through yesterday.”

Smith, who has been acting as CEO since March of last year, was promoted to the position on a permanent basis last week. He has been with the business for almost 11 years, previously serving as chief financial officer.

“Over the years, Bruce has proven to be an executive who leads by example, exhibiting the highest level of honesty and integrity. I am confident that the company is in good hands with Bruce. This is a great day for Citi Trends, and under his direction and leadership, I remain optimistic about the future of our company,” said Ed Anderson, executive chairman of the board.

Meanwhile, following Smith’s promotion, Stuart Clifford, the company’s vice president of finance, will now serve as senior vice president and CFO. Clifford has been with Citi Trends for 12 years.

Looking ahead, Citi Trends said it expects comparable store sales to increase in the range of 2% to 3%, on top of the 4.5% increase in fiscal 2017, and total sales to increase in the range of 3% to 4% in the year ahead.

Related Companies

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.

Topics in this article:
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Style