So far, Citi Trends has grown rapidly. The company has reached its current store count from the 214 units it had when it went public in May of last year. This year, management is predicting another 42 to 45 new stores, with growth pushes in the Midwest, Texas and South Florida.

With the expanding portfolio has come financial growth. In the last six years Citi Trends has posted an average annual revenue growth of 29%, executives say, and the company has never had a quarter of negative same-store sales. Comparable-store sales were up 21% during its latest quarter and up 10.8% in May.

Citi Trends stores average 10,500 sf in high-traffic strip centers in urban neighborhoods. The company targets African-American men, women and children, as they have a "greater propensity to buy apparel than the average consumer," says Edward Anderson, the company's chairman and CEO.

About 40% of the products sold in stores are nationally-recognized urban brands, and private-label goods make up the rest. The average Citi Trends unit costs $300,000 to open and pays for itself in about 12 to 14 months.