Citi Trends Files 8-K on Financials and Executive Changes
Ticker: CTRN · Form: 8-K · Filed: May 31, 2024 · CIK: 1318484
| Field | Detail |
|---|---|
| Company | Citi Trends INC (CTRN) |
| Form Type | 8-K |
| Filed Date | May 31, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.01, $725,000, $70,000, $400,000, $800,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: financial-results, executive-changes, regulation-fd
TL;DR
Citi Trends dropped an 8-K detailing financials and exec moves. Keep an eye on this.
AI Summary
Citi Trends, Inc. filed an 8-K on May 29, 2024, reporting on its results of operations and financial condition. The filing also covers the departure of directors, election of directors, appointment of officers, and compensatory arrangements. Additionally, it includes Regulation FD disclosures and financial statements and exhibits.
Why It Matters
This 8-K filing provides crucial updates on Citi Trends' financial performance and any changes in its leadership or executive compensation, which are important for investors to assess the company's stability and future direction.
Risk Assessment
Risk Level: medium — The filing concerns financial results and executive changes, which can indicate shifts in company strategy or performance that may impact stock value.
Key Players & Entities
- Citi Trends, Inc. (company) — Registrant
- Delaware (jurisdiction) — State of incorporation
- Savannah, Georgia (location) — Principal executive offices
FAQ
What specific financial results are being reported in this 8-K?
The 8-K filing indicates that it covers 'Results of Operations and Financial Condition,' but the specific financial figures are not detailed in the provided text snippet. A review of the full filing would be necessary to ascertain these details.
Were there any significant executive departures or appointments mentioned?
Yes, the filing explicitly lists 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers' as an item covered, along with 'Compensatory Arrangements of Certain Officers.'
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is May 29, 2024.
What is the primary business of Citi Trends, Inc. according to the filing?
According to the filing, Citi Trends, Inc. operates in the 'RETAIL-APPAREL & ACCESSORY STORES' sector, with Standard Industrial Classification code 5600.
Does this filing include any disclosures related to Regulation FD?
Yes, the filing explicitly states that it includes 'Regulation FD Disclosure.'
Filing Stats: 1,816 words · 7 min read · ~6 pages · Grade level 10.4 · Accepted 2024-05-31 08:34:47
Key Financial Figures
- $0.01 — nge on which registered Common stock, $0.01 par value CTRN Nasdaq Stock Market
- $725,000 — l will receive an annual base salary of $725,000, and will receive a $70,000 starting bo
- $70,000 — salary of $725,000, and will receive a $70,000 starting bonus. Mr. Seipel will be elig
- $400,000 — ly vested stock award having a value of $400,000, with the number of shares determined b
- $800,000 — cted stock having an aggregate value of $800,000 as of June 2, 2024, to be granted in ni
- $88,889 b — each installment determined by dividing $88,889 by the stock price on June 2, 2024, with
Filing Documents
- tm2415984d1_8k.htm (8-K) — 39KB
- tm2415984d1_ex10-1.htm (EX-10.1) — 48KB
- tm2415984d1_ex99-1.htm (EX-99.1) — 20KB
- 0001104659-24-066928.txt ( ) — 298KB
- ctrn-20240529.xsd (EX-101.SCH) — 3KB
- ctrn-20240529_lab.xml (EX-101.LAB) — 33KB
- ctrn-20240529_pre.xml (EX-101.PRE) — 22KB
- tm2415984d1_8k_htm.xml (XML) — 3KB
02 Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition. On May 31, 2024, Citi Trends, Inc. (the "Company") issued a press release that in part provides preliminary sales results for the first quarter of fiscal 2024 and financial guidance for fiscal 2024 (the "Press Release"). A copy of the Press Release is attached to this Current Report on Form 8-K ("Current Report") as Exhibit 99.1, and the portion of the Press Release regarding the preliminary financial information and financial guidance is incorporated herein by reference. The information contained in this Item 2.02, including the portion of the Press Release regarding the preliminary financial information and financial guidance, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
02 Departure of Directors or Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Interim Chief Executive Officer On May 29, 2024, the Board of Directors of the Company (the "Board") appointed Kenneth D. Seipel, a current member of the Board, to the position of Interim Chief Executive Officer, effective as of June 2, 2024. As a result of his appointment as Interim Chief Executive Officer, Mr. Seipel will no longer qualify as an "independent director" under the Nasdaq Listing Rules and Rule 10A-3 under the Exchange Act, and will resign from his positions as a member of the Nominating and Corporate Governance Committee, the Audit Committee and the Finance Committee of the Board, effective June 2, 2024. Mr. Seipel, age 63, has served as a director of the Company since 2019. He formerly served as the lead independent director of West Marine Inc., the world's largest retailer of boating supplies, since August 2021, after previously serving as the Chief Executive Officer from 2018 to 2021. Mr. Seipel is currently the Principal of Retail Business Optimization LLC, a consulting firm optimizing retail execution. From March 2013 to March 2017, Mr. Seipel served as Chief Executive Officer of Gabriel Brothers Inc., an off-priced retailer selling designer brands and fashions for up to 70% off department and specialty store prices. From March 2011 until February 2013, Mr. Seipel served as President and Chief Operating Officer of Wet Seal Inc. Prior to that, Mr. Seipel served as the President and Chief Merchandise/Marketing Officer of Pamida Discount Stores LLC, a regional discount chain of department stores with more than 175 locations in the United States, from 2009 until 2011. Mr. Seipel also served as Executive Vice President of Stores, Operations and Store Design for the Old Navy division of Gap, Inc., an American clothing brand and chain of more than 1,000 stores in the United Stat
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On May 31, 2024, the Company announced the leadership transition described above. The portion of the Press Release regarding the leadership transition is incorporated herein by reference. The information contained in this Item 7.01, including the portion of the Press Release regarding the leadership transition, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section, nor shall it be deemed incorporated by reference into any filings under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 Press Release dated May 31, 2024. 10.1 Separation Agreement, dated May 31, 2024 to be effective as of June 1, 2024, between David N. Makuen and Citi Trends, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CITI TRENDS, INC. Date: May 31, 2024 By: /s/ Heather Plutino Name: Heather Plutino Title: Chief Financial Officer