Citi Trends (CTRN) authorizes new $30 million share repurchase program

Citi Trends, Inc. (NASDAQ: CTRN), the leading value retailer of apparel, accessories and home trends for way less spend primarily for African American families in the United States, today announced the authorization of a new share repurchase program and provided an update on the status of the previous share repurchase program.

New Share Repurchase Program Authorization

The Company’s board of directors today announced the authorization of another $30 million share repurchase program as the next step in its continued capital return program. The Company expects to fund the share repurchase program from cash on hand.

David Makuen, Chief Executive Officer, commented, “We are trending to a low-single digit comparable store sales increase for the nine-week holiday season, and the board’s authorization of an additional $30 million share repurchase program demonstrates our continued confidence in the business and our commitment to reward shareholders while maintaining financial flexibility.”

Prior Share Repurchase Program Update

Since reinstating the prior $30 million share repurchase program that was initially authorized in March 2020, the Company has repurchased 618,796 shares of its common stock at an aggregate cost of approximately $18.1 million. As of December 22, 2020, approximately $11.9 million remains available under this share repurchase program.

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