Citi Trends Plans 800 Units

NANTUCKET, MA-Citi Trends, an urban discount-apparel retailer, could have about 800 stores across the country, once it is done expanding, said executives here at a Wachovia Securities equity conference. The company currently operates 253 stores in the Southeast, Mid-Atlantic, Midwest and Texas.

So far, Citi Trends has grown rapidly. The company has reached its current store count from the 214 units it had when it went public in May of last year. This year, management is predicting another 42 to 45 new stores, with growth pushes in the Midwest, Texas and South Florida.

With the expanding portfolio has come financial growth. In the last six years Citi Trends has posted an average annual revenue growth of 29%, executives say, and the company has never had a quarter of negative same-store sales. Comparable-store sales were up 21% during its latest quarter and up 10.8% in May.