By Chris Wack
Citi Trends shares were up 6% to $17.30 after the company said it expects its third-quarter sales to come in above analysts' expectations.
The Savannah, Ga., company also appointed Kenneth Seipel as its new chief executive, effective Monday.
Shares of the retail company hit their 52-week low of $13.66 on Sept. 4, and are down 29% in the past 12 months.
Seipel has been serving as interim CEO since June 1. The board also appointed Peter Sachse, the current executive chairman of the board, as chairman.
Citi Trends said it is expecting third-quarter sales of $179.1 million and comparable store sales growth of 5.7% compared with the same quarter last year. Analysts polled by FactSet are looking for sales of $178.5 million.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
November 19, 2024 10:21 ET (15:21 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.