Citi Trends is an off-price value retailer focused on Black consumers, selling apparel, footwear, accessories, and home goods through a network of 590 physical stores across 33 states. Stores average about 11,000 square feet and are located in outdoor community shopping centers embedded in the neighborhoods Citi Trends serves. The company sells exclusively through its physical store network with no e-commerce channel. Citi Trends buys merchandise through a mix of proprietary development, vendor line selection, closeout buying, and branded off-price purchases (e.g., UGG, HOKA, Jordan) at steep discounts to MSRP. Citi Trends prices merchandise at everyday low prices without promotional pricing or coupons. Gross margin is driven by initial markup, markdown rates, freight, and shrink, with markdown reduction a key lever managed through AI-based allocation and planning tools. The SG&A cost base is largely fixed, so revenue growth drives operating leverage. Women's apparel is the largest category at roughly 27% of sales, followed by children's and men's apparel. Citi Trends is currently executing a multi-phase turnaround under CEO Ken Seipel, with plans to accelerate store openings to roughly 40 per year by FY27, expand branded off-price merchandise toward 10% of sales, remodel stores, reposition the women's assortment, and launch a loyalty program. Management's long-range target is $45M+ in EBITDA by FY27 at approximately $900M+ in sales.