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CITITRENDS Citi Trends Announces Strong Second Quarter 2021 Results August 24 , 2021 Total sales were $ 237.3 million , an increase of 29.8 % compared to Q2 2019 Comparable store sales increased 25.6 % over Q2 2019 Gross margin increased 350 bps to 40.8 % vs Q2 2019 Operating margin of 6.9 % compared to 0.1 % in Q2 2019 Earnings per diluted share of $ 1.36 compared to $ 0.03 in Q2 2019 Authorized a new $ 30 million share repurchase program Expects to deliver full year 2021 total sales of approximately $ 1 billion Raising full year 2021 guidance for diluted EPS to a range of $ 6.30 to $ 6.50 SAVANNAH , Ga .-- ( BUSINESS WIRE ) -- Aug . 24 , 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 second quarter ended July 31 , 2021 . Financial Highlights - 13 week second quarter ended July 31 , 2021 The Company is reporting operating results for Q2 2021 relative to Q2 2019 to provide a more normalized comparison of performance since Q2 2020 included significant favorable one - time expense reductions related to COVID - 19 such as furloughs , reduced store hours and closures , abated rents and other COVID - 19 cost credits . • Total sales increased 29.8 % to $ 237.3 million compared to $ 182.8 million in Q2 2019 • Comparable store sales increased 25.6 % over Q2 2019 • Gross margin increased 350 bps to 40.8 % compared to Q2 2019 gross margin of 37.3 % • As a percent of sales , selling , general and administrative expenses improved 270 bps compared to Q2 2019 • Operating income was $ 16.4 million compared to $ 0.2 million in Q2 2019 • Operating margin was 6.9 % compared to 0.1 % in Q2 2019 • Net income was $ 12.5 million compared to $ 0.4 million in Q2 2019 • Earnings per diluted share was $ 1.36 compared to $ 0.03 in Q2 2019 • Quarter - end inventory decreased 14.3 % compared to the end of Q2 2019 • The Company opened 5 new stores during Q2 2021 Financial Highlights – 26 week first half ended July 31 , 2021 In the first half of 2021 , total sales were $ 522.7 million , an increase of 34.8 % compared to the first half of 2019. Gross margin was 41.8 % , an increase of 440 bps over the same period of 2019. Operating income was $ 55.4 million for an operating margin of 10.6 % compared to operating income of $ 8.9 million and operating margin of 2.3 % in the first half of 2019. Year - to - date , earnings per diluted share was $ 4.63 compared to $ 0.68 in the first half of 2019 . Chief Executive Officer Comments David Makuen , Chief Executive Officer , commented , " We are very pleased with our strong second quarter results that once again showcased the continuation of the end - to - end transformation of our business model , as well as the flexibility and agility of our teams . We are more confident than ever in the power of our physical stores in underserved communities that really need us . We saw a significant increase of new customers in our stores and our customers are in a better financial position which we expect will continue as employment levels rise and the economy continues to improve . " Makuen continued , " Our top line and bottom line results were once again broad - based with particular strength in our ' CITIS ' for Men's , Ladies ' and Beauty / Accessories . Most importantly , we lapped our second quarter 2020 comparable store sales of + 15.6 % with strong comparable store sales of + 8.7 % . We were extremely pleased to deliver a + 25.6 % comp as compared to the second quarter of 2019 on 14.3 % less inventory . We entered the third quarter with stores full of fresh , new trends for the entire family , and we feel great about the momentum in our business , including a strong start to our back - to - school and back - to - dorm season . " " Based on our strong first half performance and confidence in our ability to capitalize on the opportunities that lie ahead , including an amazing holiday assortment to drive fourth quarter sales and our plan to open 20+ stores over the remainder of the year , we have increased our full year total sales and EPS outlook . Our revised outlook now calls for midpoint total sales of $ 1 billion , reaching our previously shared long - range target more than a year earlier than planned , and delivering midpoint EPS of $ 6.40 , or 354 % higher than fiscal 2019. Importantly , the base foundation of our business has improved , fueled by improved and expanded trend - right assortments resulting in higher spend per customer which we believe is sustainable over time . We remain committed to expanding the reach of the Citi Trends brand , and we see a long runway of growth ahead as we continue to fuel market share