Savannah-based Citi Trends has announced that Ed Anderson is retiring as CEO effective March 21.
Jason Mazzola, the company’s executive vice president and chief merchandising officer, will become president and CEO on March 22 and has been appointed to the board of directors.
Bruce Smith, Citi Trends’ executive vice president and chief financial officer, will become its chief operating officer.
Anderson will continue to serve as executive chairman of the board, as advisor and counselor to Mazzola and as chairman of the company’s real estate committee.
“When I came back to the company at the beginning of 2012, my job was to lead a turnaround of the company,” Anderson said. “That work is largely complete as the company just reported a very successful 2014 and again is in strong financial condition.
“The successful turnaround of Citi Trends could not have been done without Jason Mazzola. He is an extraordinarily skilled merchant, leader and executive. He has earned this promotion and he will do well.”
Anderson said Smith also was key to the company’s turnaround.
“Jason and Bruce have the skills to lead our company and take it to new heights of success. The company’s future is in great hands.”
As it announced the leadership change, Citi Trends Inc. (NASDAQ: CTRN) also reported higher fourth-quarter and annual profits compared to a year earlier.
Total sales in the 13 weeks ended Jan. 31 increased 15.2 percent to $181.1 million compared with $157.2 million a year earlier. Comparable store sales increased 13.9 percent.
The company had net income of $4.7 million, or $0.31 per diluted share, in the fourth quarter of 2014 compared with $1.5 million, or $0.10 per diluted share, in a similar time frame in 2013.
Total sales in the 52 weeks that ended Jan. 31 increased 7.8 percent to $670.8 million compared with $622.2 million the previous year. Comparable store sales increased 7.5 percent.
The company had net income of $9 million, or $0.60 per diluted share, in fiscal 2014 compared with $0.5 million, or $0.03 per diluted share, in fiscal 2013.
The company opened eight stores, relocated or expanded six others, and closed two stores in fiscal 2014.
ABOUT CITI TRENDS
Citi Trends Inc. is a value-priced retailer of urban fashion apparel and accessories. The Company operates 513 stores located in 29 states. For more information, go to www.cititrends.com.