Citi Trends, Inc. (NASDAQ:CTRN) Q3 2022 Earnings Call Transcript

David Makuen: Hey, John, thanks for calling in. Yeah, simple answer, we’re still seeing some healthy lifts in our CTX remodeled stores. We said that single-digit lifts mid to-high single-digit lifts, and we’re learning a lot from them and we’re getting better and better at operating them as we look-forward to doing many more in our futures. And now we have a lot of cross — a lot of geographies. So we’re seeing a nice consistent performance across the Southeast, Southwest, Northeast, Midwest. So it’s good to see. We’re excited about it.

John Lawrence: Yeah, and just to go one-step further there, as you put out and look for those locations are you seeing anything in this environment, real-estate was across the country that would change or make it easier facilitate getting at some of those units, maybe earlier?

David Makuen: I think from a macro perspective, not too much of a change in the real-estate landscape from a remodeling perspective. What I can tell you though is, our real estate is doing a great job getting tenant allowance funding for as many remodels. As we can, which really brings down the cost of a remodel. So that’s a good development. We don’t get it in every instance. But we’ve got a pretty high batting average on that front. So I would say that’s a new development. But overall, most landlords look-forward to it more-and-more now nearby and we can pitch them why TA is also great help and upgrade their center and so forth. So — otherwise, all systems go kind of like we’ve been doing for the last 18 months.

John Lawrence: Yeah, thanks a lot for the color. Congrats and good luck.

David Makuen: Thank you, John. Take care.

Operator: Thank you. And at this moment, there are no further question on the phone lines.

David Makuen: Great, Malika, thanks so much. Thanks everybody for joining. Happy upcoming holidays. We’ll see you next time. Bye-bye.

Operator: Thank you. Ladies and gentlemen, that does conclude today’s call. We thank you for your participation and ask that you please disconnect your lines. Have a good day.