Citi Trends Announces Temporary Reduction in Store Hours Due to Coronavirus and Withdraws Guidance
March 19 2020 - 6:00AM
Business Wire
Citi Trends, Inc. (NASDAQ: CTRN) today announced that in
response to the COVID-19 (coronavirus) outbreak, it will
temporarily reduce store hours for all of its retail stores
beginning Thursday, March 19, 2020. The Company’s retail stores
will operate during the following times until further notice:
12:00 p.m. to 7:00 p.m. – Monday through Saturday 12:00 p.m. to
6:00 p.m. – Sunday
Hours may vary by location, and certain locations have been
closed temporarily to comply with state and local regulations and
guidelines. The Company will continue following other state and
local-mandated shutdowns as they arise.
The Company also announced that due to the continued uncertainty
surrounding the COVID-19 outbreak and its overall impact on the
Company’s business operations, it is withdrawing its first-quarter
and fiscal year 2020 financial guidance it issued on March 13,
2020. The Company is not providing any updated guidance at this
time.
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion
apparel, accessories and home goods for the entire family. The
Company operates 574 stores located in 33 states. Citi Trends’
website address is www.cititrends.com. CTRN-G
Forward-Looking
Statements
All statements other than historical facts contained in this
news release are forward-looking statements that are subject to
material risks and uncertainties. The words "believe," "may,"
"could," "plans," "estimate," "continue," "anticipate," "intend,"
"expect," “upcoming,” “trend” and similar expressions, as they
relate to the Company, are intended to identify forward-looking
statements, although not all forward-looking statements contain
such language. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
or results and are inherently subject to risks and uncertainties,
some of which cannot be predicted or quantified. Actual results or
developments may differ materially from those included in the
forward-looking statements as a result of various factors which are
discussed in the Company’s filings with the Securities and Exchange
Commission, including those set forth under the heading “Item 1A.
Risk Factors” in the Company’s Form 10-K for the fiscal year ended
February 2, 2019. These risks and uncertainties include, but are
not limited to, potential risks and uncertainties relating to the
ultimate geographic spread of the coronavirus (COVID-19), the
severity of the disease, the duration of the COVID-19 outbreak,
actions that may be taken by governmental authorities to contain
the COVID-19 outbreak or to treat its impact, the potential
negative impacts of COVID-19 on the global economy and foreign
sourcing and the impacts of COVID-19 on the Company's financial
condition and business operation. Any forward-looking statements by
the Company are intended to speak only as of the date such
statements are made. Except as required by applicable law,
including the securities laws of the United States and the rules
and regulations of the Securities and Exchange Commission, the
Company does not undertake to publicly update any forward-looking
statements in this news release or with respect to matters
described herein, whether as a result of any new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20200319005087/en/
Investor Relations Contact: Tom Filandro ICR, Inc. (646) 277-1235
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