Citi Trends to open 100 new stores by fiscal 2023-end

The Savannah, Georgia-headquartered company currently operates 585 stores located in 33 US states. 

In its revised investor presentation, which includes updates on the execution of its strategic initiatives, the company said it aims at comparable store sales growth of ~3 per cent per year. It will remodel at least 150 stores by the end of fiscal 2023, in addition to the at least 100 new stores.

The company will invest in infrastructure improvements for merchandising, supply chain and stores, Citi Trends said in a press release. It is expecting its operating income to grow at a compound annual growth rate of over 20 per cent per year, while its diluted earnings per share to grow at a compound annual growth rate of more than 25 per cent per year.

ALCHEMPro News Desk (RKS)