Citi Trends Plans To Open Up To 5 New Stores, Remodel Approximately 40 Stores, And Close 10-15 Underperforming Stores As Part Of Its Ongoing Fleet Optimization; Expecting To End Fiscal 2024 With Approximately 595 Stores
Portfolio Pulse from Benzinga Newsdesk
Citi Trends announced its plans for fleet optimization, including opening up to 5 new stores, remodeling around 40 stores, and closing 10-15 underperforming stores. The company aims to conclude fiscal 2024 with about 595 stores.
March 19, 2024 | 10:57 am
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Citi Trends plans to open, remodel, and close several stores as part of its optimization strategy, aiming for 595 stores by fiscal 2024.
Citi Trends' announcement of opening new stores and remodeling existing ones could signal growth and operational efficiency, potentially attracting investors and positively impacting stock price. However, the plan to close underperforming stores, while beneficial in the long term, might cause short-term concerns about current performance. Overall, the strategic optimization is likely to be viewed positively, given the clear plan and growth target.
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