David Alexander, former president and chief operating officer of Family Dollar Stores Inc., has joined Citi Trends Inc. as president and chief operating officer.
Alexander will oversee operations, distribution, warehousing and real estate for the Savannah, Ga.-based value-priced urban apparel retailer. He will report to Ed Anderson, chairman and chief executive officer.
A 30-year retail veteran, Alexander spent 10 years with Family Dollar Stores. He was also ceo of PCA, which operates photography studios in Wal-Mart stores. For the last year, he has been a consultant at Apax Partners, a private equity firm.
The post of president has been vacant at Citi Trends since April when George Bellino retired. The chief operating officer position is new.
The 356-unit chain said last month that in the third quarter ended Nov. 1, it posted a smaller-than-expected loss due to lower markdowns and higher gross margins, but it trimmed guidance for the remainder of the year.
For the three months ended Nov. 1, Citi Trends’ net loss was $687,000, or 5 cents a diluted share, versus the consensus estimate of a 10-cent loss. In last year’s quarter, the loss was $513,000, or 4 cents. Net sales rose 5.4 percent to $104.9 million as comparable-store sales fell 4.2 percent.
Gross margin improved to 36.9 percent of sales from 34.7 percent in last year’s quarter.
“We clearly are now in a period of unprecedented economic difficulty and uncertainty,” Anderson said. “However, I believe Citi Trends is well situated to withstand these economic headwinds and to continue to prosper in this environment.”
Despite a “tough sales quarter,” Anderson said the company delivered a smaller loss than expected because expenses were tightly managed.
Citi Trends expects full-year EPS of between 95 cents and $1.05, down from its previous guidance of $1.10 to $1.15 a share. Its expectation for comps was trimmed to a decrease of 3 to 6 percent from an increase of 1 to 2 percent.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast