Citi Trends Announces Fourth Quarter and Fiscal 2024 Results
Citi Trends (NASDAQ: CTRN) reported its Q4 and fiscal 2024 results, showing mixed performance. Q4 2024 delivered total sales of $211.2 million with a 6.4% comparable store sales growth, though total sales decreased 1.9% compared to Q4 2023. Gross margin improved to 39.7%, up 60 basis points from Q4 2023.
For full-year 2024, the company reported total sales of $753.1 million, a 0.7% increase, with comparable store sales up 3.4%. However, the company posted a net loss of $(43.2) million. Year-end inventory decreased 6.0% with average in-store inventory down 6.7%.
Looking ahead to fiscal 2025, Citi Trends expects low to mid-single digit comparable store sales growth, gross margin expansion of at least 220 basis points, and EBITDA between $5-9 million. The company plans to open up to 5 new stores, remodel approximately 50 stores, and close up to 5 locations.
Citi Trends (NASDAQ: CTRN) ha riportato i risultati del Q4 e dell'anno fiscale 2024, mostrando una performance mista. Il Q4 2024 ha registrato vendite totali di 211,2 milioni di dollari con una crescita delle vendite nei negozi comparabili del 6,4%, sebbene le vendite totali siano diminuite dell'1,9% rispetto al Q4 2023. Il margine lordo è migliorato al 39,7%, in aumento di 60 punti base rispetto al Q4 2023.
Per il 2024 completo, l'azienda ha riportato vendite totali di 753,1 milioni di dollari, con un incremento dello 0,7%, e vendite nei negozi comparabili in aumento del 3,4%. Tuttavia, l'azienda ha registrato una perdita netta di $(43,2) milioni. L'inventario di fine anno è diminuito del 6,0% e l'inventario medio in negozio è sceso del 6,7%.
Guardando al fiscal 2025, Citi Trends prevede una crescita delle vendite nei negozi comparabili a un tasso compreso tra il basso e il medio singolo, un'espansione del margine lordo di almeno 220 punti base e un EBITDA compreso tra 5 e 9 milioni di dollari. L'azienda prevede di aprire fino a 5 nuovi negozi, ristrutturare circa 50 negozi e chiudere fino a 5 sedi.
Citi Trends (NASDAQ: CTRN) informó sus resultados del Q4 y del año fiscal 2024, mostrando un desempeño mixto. El Q4 2024 reportó ventas totales de 211.2 millones de dólares con un crecimiento del 6.4% en ventas de tiendas comparables, aunque las ventas totales disminuyeron un 1.9% en comparación con el Q4 2023. El margen bruto mejoró al 39.7%, un aumento de 60 puntos básicos respecto al Q4 2023.
Para el año completo 2024, la compañía reportó ventas totales de 753.1 millones de dólares, un incremento del 0.7%, con ventas de tiendas comparables en aumento del 3.4%. Sin embargo, la compañía tuvo una pérdida neta de $(43.2) millones. El inventario de fin de año disminuyó un 6.0% y el inventario promedio en tienda cayó un 6.7%.
Mirando hacia el fiscal 2025, Citi Trends espera un crecimiento de ventas de tiendas comparables de un dígito bajo a medio, una expansión del margen bruto de al menos 220 puntos básicos y un EBITDA entre 5 y 9 millones de dólares. La compañía planea abrir hasta 5 nuevas tiendas, remodelar aproximadamente 50 tiendas y cerrar hasta 5 ubicaciones.
Citi Trends (NASDAQ: CTRN)는 2024 회계연도 4분기 및 연간 실적을 발표하며 혼합된 성과를 보였습니다. 2024년 4분기의 총 매출은 2억 1,120만 달러로, 매장 비교 매출은 6.4% 증가했지만, 총 매출은 2023년 4분기 대비 1.9% 감소했습니다. 총 매출 총 이익률은 39.7%로, 2023년 4분기 대비 60bp 상승했습니다.
2024년 전체에 대해, 회사는 총 매출이 7억 5,310만 달러로 0.7% 증가했으며, 매장 비교 매출은 3.4% 증가했다고 보고했습니다. 그러나 회사는 순손실 $(4320만) 달러를 기록했습니다. 연말 재고는 6.0% 감소했으며, 평균 매장 재고는 6.7% 감소했습니다.
2025 회계연도를 바라보며, Citi Trends는 낮은 중간 단일 수치의 매장 비교 매출 성장, 최소 220bp의 총 이익률 확대, EBITDA는 500만에서 900만 달러 사이를 예상하고 있습니다. 회사는 최대 5개의 새로운 매장을 열고, 약 50개의 매장을 리모델링하며, 최대 5개의 매장을 폐쇄할 계획입니다.
Citi Trends (NASDAQ: CTRN) a publié ses résultats du 4ème trimestre et de l'exercice fiscal 2024, montrant des performances mixtes. Le 4ème trimestre 2024 a généré des ventes totales de 211,2 millions de dollars avec une croissance des ventes des magasins comparables de 6,4%, bien que les ventes totales aient diminué de 1,9% par rapport au 4ème trimestre 2023. La marge brute s'est améliorée à 39,7%, en hausse de 60 points de base par rapport au 4ème trimestre 2023.
Pour l'année complète 2024, l'entreprise a rapporté des ventes totales de 753,1 millions de dollars, soit une augmentation de 0,7%, avec des ventes des magasins comparables en hausse de 3,4%. Cependant, l'entreprise a enregistré une perte nette de $(43,2) millions. L'inventaire de fin d'année a diminué de 6,0% et l'inventaire moyen en magasin a baissé de 6,7%.
En regardant vers l'exercice fiscal 2025, Citi Trends s'attend à une croissance des ventes des magasins comparables de faible à moyen chiffre unique, une expansion de la marge brute d'au moins 220 points de base et un EBITDA compris entre 5 et 9 millions de dollars. L'entreprise prévoit d'ouvrir jusqu'à 5 nouveaux magasins, de rénover environ 50 magasins et de fermer jusqu'à 5 emplacements.
Citi Trends (NASDAQ: CTRN) hat seine Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Im 4. Quartal 2024 erzielte das Unternehmen einen Gesamtumsatz von 211,2 Millionen Dollar mit einem Wachstum der vergleichbaren Filialumsätze von 6,4%, obwohl der Gesamtumsatz im Vergleich zum 4. Quartal 2023 um 1,9% gesunken ist. Die Bruttomarge verbesserte sich auf 39,7%, was einem Anstieg von 60 Basispunkten im Vergleich zum 4. Quartal 2023 entspricht.
Für das Gesamtjahr 2024 berichtete das Unternehmen einen Gesamtumsatz von 753,1 Millionen Dollar, was einem Anstieg von 0,7% entspricht, während die vergleichbaren Filialumsätze um 3,4% gestiegen sind. Das Unternehmen verzeichnete jedoch einen Nettoverlust von $(43,2) Millionen. Der Jahresendbestand verringerte sich um 6,0%, während der durchschnittliche Lagerbestand in den Geschäften um 6,7% sank.
Für das Geschäftsjahr 2025 erwartet Citi Trends ein Wachstum der vergleichbaren Filialumsätze im niedrigen bis mittleren einstelligen Bereich, eine Ausweitung der Bruttomarge um mindestens 220 Basispunkte und ein EBITDA zwischen 5 und 9 Millionen Dollar. Das Unternehmen plant, bis zu 5 neue Filialen zu eröffnen, etwa 50 Filialen umzubauen und bis zu 5 Standorte zu schließen.
- Q4 2024 comparable store sales growth of 6.4%
- Gross margin improved to 39.7% in Q4 2024, up 60 basis points
- Strong liquidity position with $136 million, including $61 million cash and no debt
- Continued sales momentum in Q1 2025 with mid-single digit growth
- Year-end inventory decreased 6.0% showing improved inventory management
- Q4 2024 net loss of $(14.2) million compared to $3.6 million profit in Q4 2023
- Full-year 2024 net loss of $(43.2) million versus $(12.0) million loss in 2023
- Full-year gross margin declined to 37.5% from 38.1% in 2023
- SG&A expenses increased to $300.2 million from $284.5 million in 2023
- Adjusted EBITDA loss of $(14.2) million for full-year 2024
Insights
Citi Trends' Q4 results reveal a company in transition showing meaningful progress in its turnaround strategy despite ongoing challenges. The 6.4% comparable store sales growth in Q4 represents significant momentum, driven by improvements in traffic, basket size, and conversion rates – all fundamental indicators of healthier consumer engagement. This sales growth occurred while simultaneously reducing average store inventory by 6.7%, suggesting better inventory management and improved product selection.
The 60 basis point gross margin expansion to 39.7% demonstrates the company's ability to offset planned markdowns with freight cost reductions. However, the $14.2 million net loss for Q4 and $43.2 million loss for the fiscal year remain concerning, though this includes a substantial $15.5 million non-cash valuation allowance on deferred tax assets in Q4.
The fiscal 2025 outlook shows management's confidence in their strategic direction, projecting continued comparable sales growth, minimum 220 basis point gross margin expansion, and $19-23 million EBITDA improvement. Their liquidity position remains strong with $61.1 million in cash, no debt, and an untapped $75 million credit facility, providing sufficient financial flexibility for their remodeling plans and inventory investments.
The share repurchase activity ($10 million deployed recently) signals management's belief in the company's intrinsic value, though investors should note this occurs during ongoing operational losses. The transition from "repair" to "execute" phase suggests the foundational work has been completed, but 2025 will be critical in proving whether these improvements can translate into sustainable profitability.
Citi Trends' results demonstrate a retailer successfully pivoting its merchandising strategy toward a more defined off-price model targeting African American consumers. The sequential improvement in comparable sales from Q3 to Q4, reaching 6.4%, validates management's merchandising adjustments focusing on trendy fashions, recognizable brands, and value pricing. This positive sales trajectory continuing into Q1 2025 indicates these aren't temporary gains but sustainable improvements.
The company's inventory strategy deserves particular attention – achieving sales growth while simultaneously reducing average store inventory by 6.7% reflects significantly improved buying disciplines and allocation methods. This combination typically signals better full-price selling potential and reduced markdown pressure going forward.
The planned remodeling of 50 stores in 2025 represents a substantial reinvestment in the fleet (approximately 8.5% of total stores), suggesting confidence in the physical store model. The conservative approach to new store openings ("up to 5") indicates disciplined capital allocation, prioritizing enhancement of existing locations over aggressive expansion.
Management's commentary about their "highly differentiated position" as an off-price retailer focused specifically on African American consumers represents a strategic clarity that had been somewhat lacking previously. Their explicit mention of minimal impact from tariff-based cost pressures suggests they've restructured their sourcing to mitigate supply chain challenges affecting many specialty retailers.
The operational improvements, coupled with the $40 million remaining in share repurchase authorization, position Citi Trends to potentially capture market share during economic uncertainty, particularly if value-conscious consumers trade down to off-price retailers.
Q4 2024 total sales of
Q4 2024 gross margin of
Fiscal 2024 total sales of
Company ends Fiscal 2024 with liquidity of approximately
Company provides outlook for Fiscal 2025; expects low to mid-single digit comparable store sales increase and significant EBITDA improvement
Mid-single digit comparable store sales momentum has continued Q1 2025 to-date
Financial Highlights – Fourth Quarter 2024
-
Total sales of
decreased$211.2 million 1.9% vs. the fourteen-week period in Q4 2023; comparable store sales, calculated on a shifted 13-week to 13-week basis, increased6.4% compared to Q4 2023 driven by increases in traffic, basket and conversion, reflecting improved product value, addition of off-price extreme value and better allocation methods -
Gross margin of
39.7% vs.39.1% in Q4 2023, an increase of 60 basis points due to lower freight expense, partially offset by planned in-season markdowns -
SG&A of
,$77.5 million as adjusted* vs.$76.7 million , or$74.5 million as adjusted* in Q4 2023; approximately$74.2 million of the increase was due to one-time strategic costs in support of turnaround efforts$1.5 million -
Tax expense of
in the quarter includes$15.8 million related to a non-cash valuation allowance on deferred tax assets related to net operating losses$15.5 million -
Net loss of
, or adjusted net loss* of$(14.2) million , vs. net income of$(12.8) million , or$3.6 million as adjusted* in Q4 2023$4.4 million -
Adjusted EBITDA* of
compared to adjusted EBITDA* of$7.1 million in Q4 2023; normalizing for one-time, strategic SG&A costs in Q4 2024 and accrual adjustments in both years, results are$10.0 million * in Q4 2024 vs$7.4 million * in Q4 2023$7.6 million - Closed 2 stores in the quarter to end the year with 591 locations
Financial Highlights – Full Year 2024
-
Total sales of
increased$753.1 million 0.7% vs. a 53-week 2023; comparable stores sales, calculated on a 52-week to 52-week basis, increased3.4% vs. 2023 -
Gross margin of
37.5% vs.38.1% , or38.2% as adjusted* in 2023; the year-over-year decline was due to higher markdowns from our large aged-inventory markdown in Q2 2024 and higher shrink expense, partially offset by lower freight expense -
SG&A of
,$300.2 million as adjusted* vs.$296.3 million , or$284.5 million as adjusted* in 2023; approximately$284.2 million of the increase was due to one-time strategic costs in support of turnaround efforts$3.1 million -
Net loss of
, or$(43.2) million as adjusted,* compared to net loss of$(36.7) million in 2023, or$(12.0) million as adjusted*$(10.5) million -
Adjusted EBITDA* loss of
, reflecting$(14.2) million ( in first half of 2024, followed by$18.0) million of adjusted EBITDA* in the second half of the year; this compares to adjusted EBITDA* of$3.8 million in 2023$1.5 million - Opened 1 new store, remodeled 35 stores and closed 12 stores to end the year with 591 locations
-
Cash of
at year-end, with no debt and no borrowings under a$61.1 million credit facility$75 million -
Year-end inventory decreased
6.0% vs. 2023 with average in-store inventory down6.7% vs. 2023
Chief Executive Officer Comments
Ken Seipel, Chief Executive Officer, said, “I am pleased to report that we continue to make progress on our strategic journey. We delivered fourth quarter comparable store sales growth of
Mr. Seipel continued, ”As we enter fiscal 2025, we are moving from the “repair” phase of our transformation to the “execute” phase of our improvement strategy. We have established the majority of the required fundamental practices and foundational business improvements and are now focused on developing consistent execution capabilities across the organization. This work is driving our 2025 outlook with low to mid-single digit comp growth, gross margin expansion and expense leverage, which will result in significantly improved EBITDA performance compared to fiscal 2024. We plan to remodel 50 stores and expect to open up to 5 new locations as we begin to return to growth of this important brand.
As we enter a period of economic uncertainty, we believe we are in a good position to gain market share due to the addition of “off-price” to our business model, which enables us to offer high margin, great brands at exceptional prices with minimal impact of tariff-based cost pressures. Our objective is to stay aggressive and flexible. We intend to gain market share, while keeping ample liquidity for open to buy and flexibility in our cost model, allowing us to react to changing market conditions.”
Mr. Seipel concluded, “I want to express my sincere gratitude for the work of our dedicated team members across the organization. I remain confident in the Company’s ability to deliver significantly improved financial results and that the work we are doing is laying the groundwork for future growth."
Capital Return Program Update
In the fourth quarter of fiscal 2024, the Company repurchased 145,238 shares of its common stock for a total spend of
Since restarting the repurchase program in Q4 2024, the Company has deployed
Fiscal 2025 Outlook
The Company’s outlook for fiscal 2025 compared to fiscal 2024 is as follows:
- Expecting full year comparable store sales growth of low to mid-single digits
- Full year gross margin expected to expand a minimum of 220 basis points vs. 2024, consistent with our stated goal of gross margin dollar growth outpacing sales growth
- SG&A is expected to leverage in the range of 30 basis points to 50 basis points vs. 2024
-
Full year EBITDA* planned to be in the range of
to$5 million , a$9 million to$19 million improvement vs. fiscal 2024, a year impacted by strategic investments to drive growth$23 million -
Expecting 2025 effective tax rate of approximately
0% - The Company plans to open up to 5 new stores, remodel approximately 50 stores and close up to 5 locations
-
Full year capital expenditures are expected to be in the range of
to$18 million $22 million
Investor Conference Call and Webcast
Citi Trends will host a conference call today at 9:00 a.m. ET. 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.
The live conference call can also be accessed by dialing (877) 407-0779. A replay of the conference call will be available until March 25, 2025, by dialing (844) 512-2921 and entering the passcode, 13751394.
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 2025 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’ control and its unavailability could have a significant impact on its financial results.
About Citi Trends
Citi Trends, Inc. is a leading off-price value retailer of apparel, accessories and home trends primarily for African American 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; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; impacts of natural disasters such as hurricanes; uncertainty and economic impact of pandemics, epidemics or other public health emergencies; 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 and to manage inventory shrinkage; 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 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; 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 1, 2025 |
February 3, 2024 |
January 28, 2023 |
||||||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||||||
Net sales | $ |
211,172 |
|
$ |
215,179 |
|
$ |
209,461 |
|
|||
Cost of sales (exclusive of depreciation shown separately below) |
|
(127,326 |
) |
|
(130,997 |
) |
|
(126,681 |
) |
|||
Selling, general and administrative expenses |
|
(77,451 |
) |
|
(74,527 |
) |
|
(70,578 |
) |
|||
Depreciation |
|
(4,491 |
) |
|
(4,850 |
) |
|
(4,802 |
) |
|||
Asset impairment |
|
(701 |
) |
|
(873 |
) |
|
— |
|
|||
Income from operations |
|
1,203 |
|
|
3,931 |
|
|
7,400 |
|
|||
Interest income |
|
531 |
|
|
1,070 |
|
|
830 |
|
|||
Interest expense |
|
(81 |
) |
|
(78 |
) |
|
(76 |
) |
|||
Income before income taxes |
|
1,653 |
|
|
4,923 |
|
|
8,154 |
|
|||
Income tax expense |
|
(15,830 |
) |
|
(1,372 |
) |
|
(1,517 |
) |
|||
Net income | $ |
(14,177 |
) |
$ |
3,551 |
|
$ |
6,637 |
|
|||
Basic net income per common share | $ |
(1.71 |
) |
$ |
0.43 |
|
$ |
0.81 |
|
|||
Diluted net income per common share | $ |
(1.71 |
) |
$ |
0.42 |
|
$ |
0.81 |
|
|||
Weighted average number of shares outstanding | ||||||||||||
Basic |
|
8,314 |
|
|
8,238 |
|
|
8,155 |
|
|||
Diluted |
|
8,314 |
|
|
8,380 |
|
|
8,155 |
|
|||
Fiscal Year |
||||||||||||
February 1, 2025 |
February 3, 2024 |
January 28, 2023 |
||||||||||
(unaudited) |
(unaudited) |
(unaudited) |
||||||||||
Net sales | $ |
753,079 |
|
$ |
747,941 |
|
$ |
795,011 |
|
|||
Cost of sales (exclusive of depreciation shown separately below) |
|
(471,036 |
) |
|
(462,824 |
) |
|
(484,022 |
) |
|||
Selling, general and administrative expenses |
|
(300,173 |
) |
|
(284,529 |
) |
|
(279,177 |
) |
|||
Depreciation |
|
(18,822 |
) |
|
(18,990 |
) |
|
(20,595 |
) |
|||
Asset impairment |
|
(2,536 |
) |
|
(1,051 |
) |
|
— |
|
|||
Gain on sale-leasebacks |
|
— |
|
|
— |
|
|
64,088 |
|
|||
(Loss) income from operations |
|
(39,488 |
) |
|
(19,454 |
) |
|
75,305 |
|
|||
Interest income |
|
2,473 |
|
|
3,874 |
|
|
1,034 |
|
|||
Interest expense |
|
(319 |
) |
|
(306 |
) |
|
(306 |
) |
|||
(Loss) income before income taxes |
|
(37,334 |
) |
|
(15,886 |
) |
|
76,033 |
|
|||
Income tax benefit (expense) |
|
(5,836 |
) |
|
3,907 |
|
|
(17,141 |
) |
|||
Net (loss) income | $ |
(43,170 |
) |
$ |
(11,979 |
) |
$ |
58,892 |
|
|||
Basic net (loss) income per common share | $ |
(5.19 |
) |
$ |
(1.46 |
) |
$ |
7.17 |
|
|||
Diluted net (loss) income per common share | $ |
(5.19 |
) |
$ |
(1.46 |
) |
$ |
7.17 |
|
|||
Weighted average number of shares outstanding | ||||||||||||
Basic |
|
8,315 |
|
|
8,221 |
|
|
8,216 |
|
|||
Diluted |
|
8,315 |
|
|
8,221 |
|
|
8,216 |
|
|||
CITI TRENDS, INC. |
||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) |
||||||||||||
(in thousands) |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
(unaudited) | (unaudited) | |||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ |
61,085 |
|
$ |
79,706 |
|
||||||
Short-term investment securities |
|
— |
|
|
— |
|
||||||
Inventory |
|
122,640 |
|
|
130,432 |
|
||||||
Prepaid and other current assets |
|
10,216 |
|
|
10,838 |
|
||||||
Property and equipment, net |
|
50,715 |
|
|
56,231 |
|
||||||
Operating lease right of use assets |
|
214,148 |
|
|
231,281 |
|
||||||
Deferred tax assets |
|
- |
|
|
5,105 |
|
||||||
Other noncurrent assets |
|
3,965 |
|
|
5,128 |
|
||||||
Total assets | $ |
462,769 |
|
$ |
518,721 |
|
||||||
Liabilities and Stockholders' Equity: | ||||||||||||
Accounts payable | $ |
102,457 |
|
$ |
100,366 |
|
||||||
Accrued liabilities |
|
23,823 |
|
|
23,312 |
|
||||||
Current operating lease liabilities |
|
47,724 |
|
|
45,842 |
|
||||||
Other current liabilities |
|
388 |
|
|
384 |
|
||||||
Noncurrent operating lease liabilities |
|
172,675 |
|
|
188,810 |
|
||||||
Other noncurrent liabilities |
|
2,527 |
|
|
2,301 |
|
||||||
Total liabilities |
|
349,594 |
|
|
361,015 |
|
||||||
Total stockholders' equity |
|
113,175 |
|
|
157,706 |
|
||||||
Total liabilities and stockholders' equity | $ |
462,769 |
|
$ |
518,721 |
|
||||||
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 SG&A, adjusted net (loss) income 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 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted SG&A | ||||||||||||
SG&A | $ |
(77,451 |
) |
$ |
(74,527 |
) |
||||||
Other non-recurring expenses |
|
703 |
|
|
334 |
|
||||||
Adjusted SG&A | $ |
(76,748 |
) |
$ |
(74,193 |
) |
||||||
Fourth Quarter |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted Net (Loss) Income | ||||||||||||
Net (loss) income | $ |
(14,177 |
) |
$ |
3,551 |
|
||||||
Asset impairment |
|
701 |
|
|
873 |
|
||||||
Other non-recurring expenses |
|
703 |
|
|
334 |
|
||||||
Tax effect |
|
— |
|
|
(336 |
) |
||||||
Adjusted net (loss) income | $ |
(12,773 |
) |
$ |
4,422 |
|
||||||
Fourth Quarter |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted EBITDA | ||||||||||||
Net (loss) income | $ |
(14,177 |
) |
$ |
3,551 |
|
||||||
Interest income |
|
(531 |
) |
|
(1,070 |
) |
||||||
Interest expense |
|
81 |
|
|
78 |
|
||||||
Income tax (benefit) expense |
|
15,830 |
|
|
1,372 |
|
||||||
Depreciation |
|
4,491 |
|
|
4,850 |
|
||||||
Asset impairment |
|
701 |
|
|
873 |
|
||||||
Other non-recurring expenses |
|
703 |
|
|
334 |
|
||||||
Adjusted EBITDA | $ |
7,098 |
|
$ |
9,989 |
|
||||||
One-time strategic costs |
|
1,540 |
|
|
— |
|
||||||
Payroll and bonus accrual adjustments |
|
(1,200 |
) |
|
(2,414 |
) |
||||||
Normalized Adjusted EBITDA | $ |
7,438 |
|
$ |
7,575 |
|
||||||
Fiscal Year |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted SG&A | ||||||||||||
SG&A | $ |
(300,173 |
) |
$ |
(284,529 |
) |
||||||
CEO transition expenses |
|
1,479 |
|
|
— |
|
||||||
Other non-recurring expenses |
|
2,435 |
|
|
334 |
|
||||||
Adjusted SG&A | $ |
(296,259 |
) |
$ |
(284,195 |
) |
||||||
Fiscal Year |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted Gross Margin | ||||||||||||
Net sales | $ |
753,079 |
|
$ |
747,941 |
|
||||||
Cost of sales |
|
(471,036 |
) |
|
(462,824 |
) |
||||||
Gross profit | $ |
282,043 |
|
$ |
285,117 |
|
||||||
Gross margin |
|
37.5 |
% |
|
38.1 |
% |
||||||
Cyber incident expenses | $ |
- |
|
$ |
513 |
|
||||||
Adjusted gross profit | $ |
282,043 |
|
$ |
285,630 |
|
||||||
Adjusted gross margin |
|
37.5 |
% |
|
38.2 |
% |
||||||
Fiscal Year |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted Net (Loss) Income | ||||||||||||
Net (loss) income | $ |
(43,170 |
) |
$ |
(11,979 |
) |
||||||
Gain on insurance |
|
— |
|
|
(1,188 |
) |
||||||
Asset impairment |
|
2,536 |
|
|
1,051 |
|
||||||
Cyber incident expenses |
|
— |
|
|
1,723 |
|
||||||
CEO transition expenses |
|
1,479 |
|
|
— |
|
||||||
Other non-recurring expenses |
|
2,435 |
|
|
334 |
|
||||||
Tax effect |
|
— |
|
|
(472 |
) |
||||||
Adjusted net (loss) income | $ |
(36,720 |
) |
$ |
(10,530 |
) |
||||||
Fiscal Year |
||||||||||||
February 1, 2025 |
February 3, 2024 |
|||||||||||
Reconciliation of Adjusted EBITDA | ||||||||||||
Net (loss) income | $ |
(43,170 |
) |
$ |
(11,979 |
) |
||||||
Interest income |
|
(2,473 |
) |
|
(3,874 |
) |
||||||
Interest expense |
|
319 |
|
|
306 |
|
||||||
Income tax (benefit) expense |
|
5,836 |
|
|
(3,907 |
) |
||||||
Depreciation |
|
18,822 |
|
|
18,990 |
|
||||||
Gain on insurance |
|
— |
|
|
(1,188 |
) |
||||||
Asset impairment |
|
2,536 |
|
|
1,051 |
|
||||||
Cyber incident expenses |
|
— |
|
|
1,723 |
|
||||||
CEO transition expenses |
|
1,479 |
|
|
— |
|
||||||
Other non-recurring expenses |
|
2,435 |
|
|
334 |
|
||||||
Adjusted EBITDA | $ |
(14,216 |
) |
$ |
1,457 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250318176185/en/
Tom Filandro
ICR, Inc.
CitiTrendsIR@icrinc.com
Source: Citi Trends, Inc.