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CITITRENDS Citi Trends Announces Record First Quarter 2021 Results May 25 , 2021 First quarter total sales increased 145.8 % vs Q1 2020 and 39.2 % vs Q1 2019 First quarter gross margin increased 1,530 bps to 42.6 % First quarter operating margin of 13.7 % compared to ( 23.7 % ) in Q1 2020 Earnings per diluted share of $ 3.23 compared to ( $ 2.00 ) in Q1 2020 Raising full year 2021 guidance following record first quarter SAVANNAH , Ga .-- ( BUSINESS WIRE ) -- May 25 , 2021-- Citi Trends , Inc. ( NASDAQ : CTRN ) , a growing specialty value retailer of apparel , accessories and home trends for way less spend primarily for African American and Latinx families in the United States , today reported results for the first quarter ended May 1 , 2021 . Financial Highlights - 13 - week first quarter ended May 1 , 2021 • Total sales increased 145.8 % to $ 285.4 million compared to $ 116.1 million in Q1 2020 ; total sales increased 39.2 % compared to Q1 2019 • Comparable store sales increased 142.0 % , representing the seventh consecutive quarter of positive open - only comparable store sales ; comparable store sales increased 35.0 % compared to Q1 2019 • Gross margin increased 1,530 bps to 42.6 % compared to Q1 2020 gross margin of 27.3 % and 510 bps compared to Q1 2019 gross margin of 37.5 % primarily due to strong full - price selling and fewer markdowns • As a percent of sales , selling , general and administrative expenses improved 1,930 bps compared to Q1 2020 and 365 • ⋅ bps compared to Q1 2019 due to sales leverage and disciplined expense control Operating income was $ 39.0 million compared to ( $ 27.6 ) million in Q1 2020 and $ 8.7 million in Q1 2019 Operating margin was 13.7 % compared to ( 23.7 % ) in Q1 2020 and 4.3 % in Q1 2019 • Net income was $ 30.9 million compared to ( $ 20.9 ) million in Q1 2020 and $ 7.8 million in Q1 2019 • Earnings per diluted share was $ 3.23 compared to ( $ 2.00 ) in Q1 2020 and $ 0.65 in Q1 2019 • Cash of $ 131.3 million with no debt at the end of the quarter , compared to cash of $ 108.1 million with $ 43.7 million drawn on the credit facility at the end of Q1 2020 • Quarter - end inventory decreased 16.5 % compared to the end of Q1 2020 Chief Executive Officer Comments David Makuen , Chief Executive Officer , commented , " We had a very strong start to our fiscal year , with record first quarter results for total sales , gross margin and operating margin , building on our momentum from last year despite the backdrop of the continued pandemic . Our robust , broad - based topline performance is attributed to our differentiated business model that continues to meet the needs of our customers through our highly curated merchandise across our six " CITIs , " combined with a unique and compelling shopping experience that we look to amplify even further . The combination of these efforts resulted in another quarter in which we drove an increase in full - price selling , reduced markdown levels and improved inventory turns , all while maintaining disciplined expense management , resulting in bottom line results that exceeded our expectations . I want to thank our team for their unwavering dedication and resiliency as we continue to prioritize health and safety in the communities in which we operate . " Makuen continued , " Looking ahead , we feel very good about our overall positioning for the rest of fiscal 2021 and beyond . As we continue to enhance the Citi Trends experience for our customers and execute against our strategic priorities , we are well ahead of our previously shared long - term plan and expect to achieve our growth target of $ 1 billion in sales sooner than originally planned . As such , our board of directors and leadership team are exploring new capital allocation strategies designed to accelerate our new store growth . We are confident that our growth strategies and the advantages of our business model will continue to fuel market share gains and drive long - term sustainable growth . " Capital Return Program Update In the first quarter , the Company repurchased approximately 537,500 shares of its common stock at an aggregate cost of approximately $ 45.5 million . As previously announced , this includes 250,000 shares bought back in a block repurchase . Guidance The Company is encouraged by its second quarter to - date sales performance , which is above its internal expectations . On the heels of a record first quarter , for the full year 2021 , the Company is raising its guidance and expects to generate total sales of $ 970 to $ 990 million , an increase of approximately 24 % to 27 % as compared to fiscal years 2020 and 2019. This would result in expected earnings per diluted share in a range of $ 4.55 to $ 4.75 , an increase of 96 % to 105 % compared to 2020 and an increase of 223 % to 237 % compared to 2019 . CEO Action for Diversity & Inclusion ™