Citi Trends: Fiscal Q1 Earnings Snapshot
by The Associated Press
Last Updated May 25, 2021 at 6:58 am EDT
SAVANNAH, Ga. (AP) Citi Trends Inc. (CTRN) on Tuesday reported fiscal first-quarter net income of $30.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Savannah, Georgia-based company said it had profit of $3.23.
The clothing and accessories company posted revenue of $285.4 million in the period.
Citi Trends expects full-year earnings to be $4.55 to $4.75 per share, with revenue in the range of $970 million to $990 million.
Citi Trends shares have increased 81% since the beginning of the year. The stock has risen sixfold in the last 12 months.
Operator
Greetings and welcome to the Citi Trends First Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Tuesday, May 25th, 2021.
I would now like to turn the conference over to Nitza McKee, Senior Associate. Please go ahead.
Nitza McKee
Senior Associate at ICR
Thank you and good morning, everyone. Thank you for joining us on Citi Trends first quarter 2021 earnings call. On our call today is our Chief Executive Officer David Makuen; Chief Financial Officer, Pam Edwards; and Vice President of Finance, Jason Moschner.
Our earnings release was sent out this morning at 6:45 AM Eastern Time. If you have not received a copy of the release, it s available on the Company s website under the Investor Relations section at www.cititrends.com.
Kohl s expands board of directors after annual meeting
Kohl s Corp. is moving forward with an expanded board of directors in response to a public campaign by a group of investors earlier this year.
Kohl s shareholders elected the company s 12 nominees to the board of directors during the Menomonee Falls-based retailer s virtual annual meeting of shareholders on Wednesday.
The candidates received an average vote of more than 96% of votes cast.
Kohl s announced in mid-April that the company had reached an agreement with a group of investors that had launched a campaign seeking to gain control of the board of directors.
As part of that agreement, Kohl s expanded its board of directors from 12 members to 15. Kohl s CEO Michelle Gass holds one seat; the rest are independent from the company. Two of the three new directors were nominated by the investor group.
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Pic: Sundry Photography / Shutterstock.com Kohl’s Corporation, a leading omnichannel retailer in the US, has entered into a settlement agreement with Macellum Advisors GP, LLC, Ancora Holdings, Inc., Legion Partners Asset Management, LLC, and 4010 Capital, LLC (collectively, the Investor Group), which together own 9.3 per cent of Kohl’s outstanding common stock, including options.
As part of the agreement, two new independent directors nominated by the Investor Group, Margaret Jenkins and Thomas Kingsbury, will join the Kohl’s board of directors, as of the close of the 2021 Annual Meeting of Shareholders. An additional independent director identified by Kohl s, and agreed to by the Investor Group, Christine Day, will join the board at the same time.
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