Citi Trends Announces Fourth Quarter and Fiscal 2023 Results
- Solid Q4 2023 results with total sales of $215.2 million and gross margin of 39.1%
- Fiscal 2023 total sales of $747.9 million
- Company ends Fiscal 2023 with $155 million of liquidity
- Outlook for Fiscal 2024 expects mid-single digit comp increase
- Decrease in total sales and comparable store sales in Fiscal 2023
- Operating loss of $19.5 million in Fiscal 2023
- Net loss of $12.0 million in Fiscal 2023
- Adjusted EBITDA decreased in Q4 2023 compared to Q4 2022
Insights
The reported financial results for Citi Trends, Inc. reflect a mixed performance with a modest increase in Q4 total sales attributed to an additional week, yet a concerning decline in comparable store sales. The gross margin contraction, though slight, indicates a potential pressure on profitability, which merits attention. The full-year figures show a more pronounced downturn, with a significant drop in sales and a shift from operating income to loss. This raises red flags about the company's operational efficiency and market positioning.
From a liquidity standpoint, the company's position is robust, with substantial cash reserves and no debt. This is a positive indicator of financial health and provides flexibility for strategic initiatives. However, the increase in year-end inventory suggests a potential overstocking risk, which could lead to markdowns and further margin erosion if not managed carefully.
The fiscal 2024 outlook provided by the company projects optimism with expected sales growth and margin expansion. However, investors should closely monitor the company's ability to achieve these targets, especially in light of the previous year's performance. The capital return program's pause in share repurchases could be a strategic move to conserve cash for other priorities but may also signal a more cautious approach to capital allocation.
Examining the consumer behavior and competitive landscape, Citi Trends' focus on multicultural families is a strategic choice, tapping into a niche market. However, the decrease in comparable store sales suggests challenges in retaining customer loyalty or facing intense competition. The company's 'Ready. Set. Gift!' campaign's success during the holiday season demonstrates some resonance with the target demographic, but this did not translate into overall positive sales performance for the year.
The retail environment is highly sensitive to economic pressures and the CEO's acknowledgment of these pressures on the customer base is critical. The initiatives to drive traffic and customer engagement, such as store remodels and marketing, are vital in a retail sector where experience and perception significantly influence consumer spending. The anticipated inventory management improvements through ERP-driven analytics could enhance operational efficiency and customer satisfaction by optimizing product assortments.
Investors should consider the broader retail trends, including digital transformation and omnichannel strategies, when evaluating Citi Trends' potential for growth. The company's physical store optimization strategy, including openings, remodels and closures, will need to be balanced with investments in e-commerce capabilities to stay competitive.
The retail sector is known for its cyclical nature and sensitivity to macroeconomic factors. Citi Trends' reported decrease in full-year sales and net loss suggests a challenging environment that may be attributed to broader economic headwinds or specific operational issues. The company's strategic focus on inventory rebuilds and category optimization could be a response to previous supply chain disruptions, but it also highlights the need for agility in inventory management to prevent overstocking and margin compression.
The fiscal 2024 outlook's emphasis on leveraging ERP system benefits reflects a trend in the retail industry towards data-driven decision-making. This could improve cost-efficiency and customer experience. However, the projected SG&A expense increase could offset some of the benefits from gross margin expansion, indicating a need for careful cost control.
Finally, the store fleet optimization plan aligns with industry trends of right-sizing retail footprints. The careful calibration of store count, combined with capital expenditure on remodels, suggests a strategic approach to creating a more engaging in-store experience. Yet, the projected low single-digit inventory increase for Q1 2024 requires monitoring to ensure alignment with demand and avoid excess inventory carrying costs.
Q4 2023 total sales of
Q4 2023 diluted EPS of
Fiscal 2023 total sales of
Company ends Fiscal 2023 with
Company provides outlook for Fiscal 2024; expects mid-single digit comp increase
Q1 2024 to date comp trend consistent with outlook
Financial Highlights – Fourth Quarter 2023
-
Total sales of
increased$215.2 million 2.7% vs. Q4 2022; the extra week contributed to total sales in the fourth quarter of fiscal 2023; comparable store sales, calculated on a 13-week to 13-week basis, decreased$11.2 million 1.5% compared to Q4 2022 -
Gross margin of
39.1% vs.39.5% in Q4 2022 -
Operating income of
, or$3.9 million as adjusted*, compared to$5.1 million in Q4 2022 or$7.4 million as adjusted*$7.5 million -
Net income of
,$3.6 million as adjusted*, compared to$4.4 million in Q4 2022 or$6.6 million as adjusted*$6.8 million -
Adjusted EBITDA* of
compared to$10.0 million in Q4 2022$12.3 million -
Diluted EPS of
, or$0.42 as adjusted*, vs. diluted EPS of$0.53 in Q4 2022 or$0.81 as adjusted*$0.83
Financial Highlights – Full Year 2023
-
Total sales of
decreased$747.9 million 5.9% vs. 2022; comparable stores sales, calculated on a 52-week to 52-week basis, decreased6.8% vs. 2022 -
Gross margin of
38.1% , or38.2% as adjusted*, vs.39.1% in 2022 -
Operating loss of
, or$19.5 million as adjusted*, vs. operating income of$17.5 million in 2022, or$75.3 million as adjusted*$11.4 million -
Net loss of
, or$12.0 million as adjusted*, compared to net income of$10.5 million in 2022, or$58.9 million as adjusted*$9.4 million -
Adjusted EBITDA* of
vs.$1.5 million in 2022$32.0 million -
Net loss per share of
, or$1.46 as adjusted*, vs. diluted EPS of$1.28 in 2022, or$7.17 as adjusted*$1.14 - Opened 5 new stores, remodeled 15 stores and closed 14 stores to end the year with 602 locations
-
Cash of
at year-end, with no debt and no borrowings under a$79.7 million credit facility$75 million -
Year-end inventory increased
23% vs. 2022, lapping insufficient levels last year, strategic category rebuilds and earlier receipts for tax refund season and an earlier Easter; exiting Q1 2024, inventory expected to be up low-single digits to Q1 2023
Chief Executive Officer Comments
David Makuen, Chief Executive Officer, commented, “I am pleased to report that fourth quarter and annual results were in line with our guidance. We delivered a solid holiday season as our Ready. Set. Gift! campaign resonated with existing and new customers. Our strong execution of the business across our strategic priorities fueled our performance throughout the quarter. In particular, our focus on rebuilding inventories drove improved comps in targeted product categories. I am incredibly grateful to our entire organization for their continued execution of our priorities, while keeping our customers and neighborhoods at the core of everything we do.”
Mr. Makuen continued, “We enter 2024 in a strong financial position with total liquidity of
Capital Return Program Update
In the fourth quarter of fiscal 2023, the Company did not repurchase any shares of its common stock. At the end of fiscal 2023,
Fiscal 2024 Outlook
The Company’s outlook for fiscal 2024 compared to fiscal 2023 is as follows:
- Expecting full year comparable store sales growth of mid-single digits
- Full year gross margin to expand by approximately 75 to 100 basis points driven by ERP system benefits and freight expense leverage
-
SG&A dollars expected to increase by approximately
2.5% to3.0% primarily driven by incentive compensation -
Full year EBITDA* planned to be in the range of
to$4 million $10 million - The Company plans to open up to 5 new stores, remodel approximately 40 stores and close 10 to 15 underperforming stores as part of its ongoing fleet optimization; expecting to end fiscal 2024 with approximately 595 stores
-
Full year capital expenditures are expected to be approximately
$20 million
Investor Conference Call and Webcast
Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2921. A replay of the conference call will be available until March 23, 2024, by dialing (800) 633-8284 and entering the passcode, 22029021.
The live broadcast of Citi Trends' conference call will be available online at the Company's website, cititrends.com, under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the call, may contain or constitute information that has not been disclosed previously.
*Non-GAAP Financial Measures
The historical non-GAAP financial measures discussed herein are reconciled to their corresponding GAAP measures at the end of this press release. The Company is unable to provide a full reconciliation of the forward-looking non-GAAP financial measure used in 2024 guidance without unreasonable effort because it is not possible to predict certain of its adjustment items with a reasonable degree of certainty. This information is dependent upon future events and may be outside of the Company’s control and its unavailability could have a significant impact on its financial results.
About Citi Trends
Citi Trends, Inc. is a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and multicultural families in
Forward-Looking Statements
All statements other than historical facts contained in this news release, including statements regarding the Company’s future financial results and position, business policy and plans, objectives and expectations of management for future operations and capital allocation expectations, are forward-looking statements that are subject to material risks and uncertainties. The words "believe," "may," "could," "plans," "estimate," “expects,” "continue," "anticipate," "intend," "expect," “upcoming,” “trend” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements, although not all forward-looking statements contain such language. Statements with respect to earnings, sales or new store guidance are forward-looking statements. Investors are cautioned that any such forward-looking statements are subject to the finalization of the Company’s quarter-end financial and accounting procedures, are not guarantees of future performance or results, and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Actual results or developments may differ materially from those included in the forward-looking statements as a result of various factors which are discussed in our Annual Reports and Quarterly Reports on Forms 10-K and 10-Q, respectively, and any amendments thereto, filed with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, uncertainties relating to general economic conditions, including inflation, energy and fuel costs, unemployment levels, and any deterioration whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory); or other factors; changes in market interest rates and market levels of wages; impacts of natural disasters such as hurricanes; uncertainty and economic impact of pandemics, epidemics or other public health emergencies such as the ongoing COVID-19 pandemic; transportation and distribution delays or interruptions; changes in freight rates; the Company’s ability to attract and retain workers; the Company’s ability to negotiate effectively the cost and purchase of merchandise inventory risks due to shifts in market demand; the Company’s ability to gauge fashion trends and changing consumer preferences; consumer confidence and changes in consumer spending patterns; competition within the industry; competition in our markets; the duration and extent of any economic stimulus programs; changes in product mix; interruptions in suppliers’ businesses; the ongoing assessment and impact of the cyber disruption we identified on January 14, 2023, including legal, reputational, financial and contractual risks resulting from the disruption, and other risks related to cybersecurity, data privacy and intellectual property; temporary changes in demand due to weather patterns; seasonality of the Company’s business; changes in market interest rates and market level wages; the results of pending or threatened litigation; delays associated with building, remodeling, opening and operating new stores; and delays associated with building, and opening or expanding new or existing distribution centers. Any forward-looking statements by the Company, with respect to guidance, the repurchase of shares pursuant to a share repurchase program, or otherwise, are intended to speak only as of the date such statements are made. Except as required by applicable law, including the securities laws of
CITI TRENDS, INC. | ||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||
(in thousands, except per share data) | ||||||||||||
Fourth Quarter | ||||||||||||
February 3, 2024 | January 28, 2023 | January 29, 2022 | ||||||||||
Net sales | $ |
215,179 |
|
$ |
209,461 |
|
$ |
240,974 |
|
|||
Cost of sales (exclusive of depreciation shown separately below) |
|
(130,997 |
) |
|
(126,681 |
) |
|
(143,659 |
) |
|||
Selling, general and administrative expenses |
|
(74,527 |
) |
|
(70,578 |
) |
|
(79,563 |
) |
|||
Depreciation |
|
(4,850 |
) |
|
(4,802 |
) |
|
(5,175 |
) |
|||
Asset impairment |
|
(873 |
) |
|
— |
|
|
— |
|
|||
Income from operations |
|
3,931 |
|
|
7,400 |
|
|
12,577 |
|
|||
Interest income |
|
1,070 |
|
|
830 |
|
|
7 |
|
|||
Interest expense |
|
(78 |
) |
|
(76 |
) |
|
(106 |
) |
|||
Income before income taxes |
|
4,923 |
|
|
8,154 |
|
|
12,478 |
|
|||
Income tax expense |
|
(1,372 |
) |
|
(1,517 |
) |
|
(2,639 |
) |
|||
Net income | $ |
3,551 |
|
$ |
6,637 |
|
$ |
9,839 |
|
|||
Basic net income per common share | $ |
0.43 |
|
$ |
0.81 |
|
$ |
1.17 |
|
|||
Diluted net income per common share | $ |
0.42 |
|
$ |
0.81 |
|
$ |
1.16 |
|
|||
Weighted average number of shares outstanding | ||||||||||||
Basic |
|
8,238 |
|
|
8,155 |
|
|
8,404 |
|
|||
Diluted |
|
8,380 |
|
|
8,155 |
|
|
8,516 |
|
|||
Fiscal Year | ||||||||||||
February 3, 2024 | January 28, 2023 | January 29, 2022 | ||||||||||
Net sales | $ |
747,941 |
|
$ |
795,011 |
|
$ |
991,595 |
|
|||
Cost of sales (exclusive of depreciation shown separately below) |
|
(462,824 |
) |
|
(484,022 |
) |
|
(584,063 |
) |
|||
Selling, general and administrative expenses |
|
(284,529 |
) |
|
(279,177 |
) |
|
(307,622 |
) |
|||
Depreciation |
|
(18,990 |
) |
|
(20,595 |
) |
|
(20,393 |
) |
|||
Asset impairment |
|
(1,051 |
) |
|
— |
|
|
— |
|
|||
Gain on sale-leasebacks |
|
— |
|
|
64,088 |
|
|
— |
|
|||
(Loss) income from operations |
|
(19,454 |
) |
|
75,305 |
|
|
79,517 |
|
|||
Interest income |
|
3,874 |
|
|
1,034 |
|
|
31 |
|
|||
Interest expense |
|
(306 |
) |
|
(306 |
) |
|
(306 |
) |
|||
(Loss) income before income taxes |
|
(15,886 |
) |
|
76,033 |
|
|
79,242 |
|
|||
Income tax benefit (expense) |
|
3,907 |
|
|
(17,141 |
) |
|
(17,002 |
) |
|||
Net (loss) income | $ |
(11,979 |
) |
$ |
58,892 |
|
$ |
62,240 |
|
|||
Basic net (loss) income per common share | $ |
(1.46 |
) |
$ |
7.17 |
|
$ |
6.98 |
|
|||
Diluted net (loss) income per common share | $ |
(1.46 |
) |
$ |
7.17 |
|
$ |
6.91 |
|
|||
Weighted average number of shares outstanding | ||||||||||||
Basic |
|
8,221 |
|
|
8,216 |
|
|
8,912 |
|
|||
Diluted |
|
8,221 |
|
|
8,216 |
|
|
9,013 |
|
|||
CITI TRENDS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands) |
||||||
February 3, 2024 | January 28, 2023 | |||||
Assets: | ||||||
Cash and cash equivalents | $ |
79,706 |
$ |
103,495 |
||
Inventory |
|
130,432 |
|
105,794 |
||
Prepaid and other current assets |
|
10,838 |
|
12,976 |
||
Property and equipment, net |
|
56,231 |
|
60,106 |
||
Operating lease right of use assets |
|
231,281 |
|
257,195 |
||
Deferred tax assets |
|
5,105 |
|
2,893 |
||
Other noncurrent assets |
|
5,128 |
|
1,797 |
||
Total assets | $ |
518,721 |
$ |
544,257 |
||
Liabilities and Stockholders' Equity: | ||||||
Accounts payable | $ |
100,366 |
$ |
80,670 |
||
Accrued liabilities |
|
23,312 |
|
26,876 |
||
Current operating lease liabilities |
|
45,842 |
|
52,661 |
||
Other current liabilities |
|
384 |
|
344 |
||
Noncurrent operating lease liabilities |
|
188,810 |
|
214,939 |
||
Other noncurrent liabilities |
|
2,301 |
|
2,322 |
||
Total liabilities |
|
361,015 |
|
377,812 |
||
Total stockholders' equity |
|
157,706 |
|
166,445 |
||
Total liabilities and stockholders' equity | $ |
518,721 |
$ |
544,257 |
||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (unaudited) | ||||||||
(in thousands, except per share data) | ||||||||
The Company makes reference in this release to adjusted gross margin, adjusted operating income, adjusted net income, adjusted earnings per share and adjusted EBITDA. The Company believes these supplemental measures reflect operating results that are more indicative of the Company's ongoing operating performance while improving comparability to prior and future periods, and as such, may provide investors with an enhanced understanding of the Company's past financial performance and prospects for the future. This information is not intended to be considered in isolation or as a substitute for net income or earnings per diluted share prepared in accordance with generally accepted accounting principles (GAAP). |
Fourth Quarter | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Operating (Loss) Income | ||||||||
Operating (loss) income | $ |
3,931 |
|
$ |
7,400 |
|
||
Gain on insurance |
|
— |
|
|
— |
|
||
Asset impairment |
|
873 |
|
|
— |
|
||
Cyber incident expenses |
|
— |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
- |
|
||
Adjusted operating (loss) income | $ |
5,139 |
|
$ |
7,542 |
|
||
Fourth Quarter | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Net Income | ||||||||
Net (loss) income | $ |
3,551 |
|
$ |
6,637 |
|
||
Gain on insurance |
|
— |
|
|
— |
|
||
Asset impairment |
|
873 |
|
|
— |
|
||
Cyber incident expenses |
|
— |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
— |
|
||
Tax effect |
|
(336 |
) |
|
(26 |
) |
||
Adjusted net (loss) income | $ |
4,422 |
|
$ |
6,753 |
|
||
Fourth Quarter | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Diluted EPS | ||||||||
Diluted (loss) earnings per share | $ |
0.42 |
|
$ |
0.81 |
|
||
Gain on insurance |
|
— |
|
|
— |
|
||
Asset impairment |
|
0.10 |
|
|
— |
|
||
Cyber incident expenses |
|
— |
|
|
0.02 |
|
||
Other non-recurring expenses |
|
0.04 |
|
|
— |
|
||
Tax effect |
|
(0.04 |
) |
|
— |
|
||
Adjusted diluted (loss) earnings per share | $ |
0.53 |
|
$ |
0.83 |
|
||
Fourth Quarter | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted EBITDA | ||||||||
Net (loss) income | $ |
3,551 |
|
$ |
6,637 |
|
||
Interest income |
|
(1,070 |
) |
|
(830 |
) |
||
Interest expense |
|
78 |
|
|
76 |
|
||
Income tax (benefit) expense |
|
1,372 |
|
|
1,517 |
|
||
Depreciation |
|
4,850 |
|
|
4,802 |
|
||
Gain on insurance |
|
- |
|
|
- |
|
||
Asset impairment |
|
873 |
|
|
— |
|
||
Cyber incident expenses |
|
— |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
— |
|
||
Adjusted EBITDA | $ |
9,989 |
|
$ |
12,344 |
|
||
Fiscal Year | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Operating (Loss) Income | ||||||||
Operating (loss) income | $ |
(19,454 |
) |
$ |
75,305 |
|
||
Gain on insurance |
|
(1,188 |
) |
|
— |
|
||
Asset impairment |
|
1,051 |
|
|
— |
|
||
Cyber incident expenses |
|
1,723 |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
— |
|
||
Gain on sale-leaseback |
|
— |
|
|
(64,088 |
) |
||
Adjusted operating (loss) income | $ |
(17,533 |
) |
$ |
11,359 |
|
||
Fiscal Year | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Gross Margin | ||||||||
Net sales | $ |
747,941 |
|
$ |
795,011 |
|
||
Cost of sales |
|
(462,824 |
) |
|
(484,022 |
) |
||
Gross profit | $ |
285,117 |
|
$ |
310,989 |
|
||
Gross margin |
|
38.1 |
% |
|
39.1 |
% |
||
Cyber incident expenses | $ |
513 |
|
$ |
- |
|
||
Adjusted gross profit | $ |
285,630 |
|
$ |
310,989 |
|
||
Adjusted gross margin |
|
38.2 |
% |
|
39.1 |
% |
||
Fiscal Year | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Net (Loss) Income | ||||||||
Net (loss) income | $ |
(11,979 |
) |
$ |
58,892 |
|
||
Gain on insurance |
|
(1,188 |
) |
|
— |
|
||
Asset impairment |
|
1,051 |
|
|
— |
|
||
Cyber incident expenses |
|
1,723 |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
— |
|
||
Gain on sale-leaseback |
|
— |
|
|
(64,088 |
) |
||
Tax effect |
|
(472 |
) |
|
14,416 |
|
||
Adjusted net (loss) income | $ |
(10,530 |
) |
$ |
9,362 |
|
||
Fiscal Year | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted Diluted EPS | ||||||||
Diluted (loss) earnings per share | $ |
(1.46 |
) |
$ |
7.17 |
|
||
Gain on insurance |
|
(0.14 |
) |
|
— |
|
||
Asset impairment |
|
0.13 |
|
|
— |
|
||
Gain on insurance |
|
0.21 |
|
|
0.02 |
|
||
Other non-recurring expenses |
|
0.04 |
|
|
— |
|
||
Other non-recurring expenses |
|
— |
|
|
(7.80 |
) |
||
Tax effect |
|
(0.06 |
) |
|
1.75 |
|
||
Adjusted diluted (loss) earnings per share | $ |
(1.28 |
) |
$ |
1.14 |
|
||
Fiscal Year | ||||||||
February 3, 2024 |
January 28, 2023 |
|||||||
Reconciliation of Adjusted EBITDA | ||||||||
Net (loss) income | $ |
(11,979 |
) |
$ |
58,892 |
|
||
Interest income |
|
(3,874 |
) |
|
(1,034 |
) |
||
Interest expense |
|
306 |
|
|
306 |
|
||
Income tax (benefit) expense |
|
(3,907 |
) |
|
17,141 |
|
||
Depreciation |
|
18,990 |
|
|
20,595 |
|
||
Gain on insurance |
|
(1,188 |
) |
|
— |
|
||
Asset impairment |
|
1,051 |
|
|
— |
|
||
Cyber incident expenses |
|
1,723 |
|
|
142 |
|
||
Other non-recurring expenses |
|
334 |
|
|
— |
|
||
Other non-recurring expenses |
|
— |
|
|
(64,088 |
) |
||
Adjusted EBITDA | $ |
1,457 |
|
$ |
31,954 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240319968273/en/
Tom Filandro/Rachel Schacter
ICR, Inc.
CitiTrendsIR@icrinc.com
Source: Citi Trends, Inc.
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