Citi Trends appoints Ken Seipel permanent CEO; Q3 comp sales +5.7% above guidance

Citi Trends Inc

Ken Seipel, interim CEO since June, appointed permanent CEO effective Nov 18, 2024; base salary $725K/year.
Peter Sachse, Executive Chairman, appointed Chairman of the Board.
Preliminary Q3 total sales $179.1M; comparable store sales +5.7% vs guidance of flat to up low single digits.
Preliminary gross margin 39.8%, up 160 bps YoY; adjusted EBITDA loss of $3.3M (includes strategic costs).
Q3 performance driven by improved product, better allocation, and increased customer traffic.

item 2.02 item 5.02 item 7.01 item 9.01

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Appointed

Kenneth (Ken) D. Seipel

Chief Executive Officer

CTRN · Citi Trends Inc

Effective: 2024-11-18
Filed: November 19, 2024, 6:59 PM ET

On November 19, 2024, the Company announced that its Board of Directors (the “Board”) has concluded its search for a Chief Executive Officer and has appointed Kenneth (Ken) D. Seipel, the Company’s Interim Chief Executive Officer and a member of the Board, to serve as its permanent Chief Executive Officer, effective as of November 18, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Kenneth (Ken) D. Seipel was appointed as Chief Executive Officer at Citi Trends Inc.

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On November 19, 2024, the Company announced that its Board of Directors (the “Board”) has concluded its search for a Chief Executive Officer and has appointed Kenneth (Ken) D. Seipel, the Company’s Interim Chief Executive Officer and a member of the Board, to serve as its permanent Chief Executive Officer, effective as of November 18, 2024.

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Citi Trends Inc filing history →

Source: SEC EDGAR

accession 0001104659-24-120355

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