Citi Trends Announces Second Quarter Fiscal 2024 Results
Citi Trends (NASDAQ: CTRN) reported Q2 fiscal 2024 results with total sales growth of 1.7% to $176.6 million. However, the company faced challenges, including a net loss of $18.4 million and a comparable store sales decrease of 1.7%. Key actions taken include:
1. Strategic inventory reset with $9.4 million in markdowns
2. Efforts to control shrink, resulting in a $4.0 million adjustment
3. Implementation of a refined merchandise strategy
Despite challenges, Citi Trends maintains a strong financial position with $59.3 million in cash and no debt. The company expects second-half comparable store sales to be flat to up low-single digits, with gross margin around 39% and positive EBITDA between $0.5-$2.5 million.
Citi Trends (NASDAQ: CTRN) ha riportato i risultati del secondo trimestre fiscale 2024 con una crescita delle vendite totali dell'1,7% a $176,6 milioni. Tuttavia, l'azienda ha affrontato delle sfide, inclusa una perdita netta di $18,4 milioni e una diminuzione delle vendite nei negozi comparabili del 1,7%. Le azioni chiave intraprese comprendono:
1. Ripristino strategico dell'inventario con $9,4 milioni in ribassi
2. Sforzi per controllare le perdite, con un aggiustamento di $4,0 milioni
3. Implementazione di una strategia di merchandising affinata
Nonostante le sfide, Citi Trends mantiene una solida posizione finanziaria con $59,3 milioni in contante e senza debiti. L'azienda prevede che le vendite nei negozi comparabili nel secondo semestre rimarranno stabili o aumenteranno di pochi punti percentuali, con un margine lordo intorno al 39% e un EBITDA positivo tra $0,5 e $2,5 milioni.
Citi Trends (NASDAQ: CTRN) reportó los resultados del segundo trimestre fiscal 2024 con un crecimiento en las ventas totales del 1,7% a $176,6 millones. Sin embargo, la compañía enfrentó desafíos, incluida una pérdida neta de $18,4 millones y una disminución del 1,7% en las ventas de tiendas comparables. Las acciones clave tomadas incluyen:
1. Reinicio estratégico del inventario con $9,4 millones en descuentos
2. Esfuerzos para controlar las pérdidas, resultando en un ajuste de $4,0 millones
3. Implementación de una estrategia de mercancía refinada
A pesar de los desafíos, Citi Trends mantiene una fuerte posición financiera con $59,3 millones en efectivo y sin deudas. La empresa espera que las ventas en tiendas comparables en la segunda mitad se mantengan estables o aumenten en cifras de un solo dígito bajo, con un margen bruto alrededor del 39% y un EBITDA positivo entre $0,5 y $2,5 millones.
Citi Trends (NASDAQ: CTRN)는 2024 회계연도 2분기 결과를 보고하며 총 매출이 1.7% 증가하여 1억 7,660만 달러에 달했습니다. 그러나 회사는 1,840만 달러의 순손실과 1.7%의 동종 매장 매출 감소라는 도전에 직면했습니다. 주요 조치에는 다음이 포함됩니다:
1. 940만 달러의 할인으로 재고 조정
2. 손실 통제를 위한 노력으로 400만 달러 조정
3. 세련된 상품 전략 구현
도전에도 불구하고 Citi Trends는 5,930만 달러의 현금을 보유하고 있으며 부채가 없습니다. 회사는 하반기 동종 매장 매출이 보합세를 유지하거나 저단위 증가가 있을 것으로 예상하며, 총 이익률은 약 39%이고 EBITDA는 50만 달러에서 250만 달러 사이의 긍정적인 수치를 기록할 것으로 보입니다.
Citi Trends (NASDAQ: CTRN) a publié ses résultats pour le deuxième trimestre de l'exercice fiscal 2024, avec une croissance des ventes totales de 1,7 % à 176,6 millions de dollars. Cependant, l'entreprise a dû faire face à des défis, notamment une perte nette de 18,4 millions de dollars et une baisse des ventes dans les magasins comparables de 1,7 %. Les actions clés prises comprennent :
1. Réinitialisation stratégique des stocks avec 9,4 millions de dollars en réductions
2. Efforts pour contrôler les pertes, entraînant un ajustement de 4,0 millions de dollars
3. Mise en œuvre d'une stratégie de marchandisage affinée
Malgré ces défis, Citi Trends maintient une position financière solide avec 59,3 millions de dollars en liquidités et sans dettes. L'entreprise prévoit que les ventes comparables dans la seconde moitié de l'année resteront stables ou augmenteront légèrement, avec une marge brute autour de 39 % et un EBITDA positif compris entre 0,5 et 2,5 millions de dollars.
Citi Trends (NASDAQ: CTRN) hat die Ergebnisse des zweiten Quartals des Geschäftsjahres 2024 veröffentlicht, mit einem Umsatzwachstum von 1,7 % auf 176,6 Millionen USD. Das Unternehmen sah sich jedoch Herausforderungen gegenüber, einschließlich einem Nettoverlust von 18,4 Millionen USD und einem Rückgang der vergleichbaren Geschäftszahlen um 1,7 %. Wichtige getroffene Maßnahmen umfassen:
1. Strategische Lageranpassung mit 9,4 Millionen USD an Preissenkungen
2. Bemühungen zur Kontrolle von Verlusten, die zu einer Anpassung von 4,0 Millionen USD führten
3. Umsetzung einer verfeinerten Warenstrategie
Trotz der Herausforderungen hat Citi Trends eine starke finanzielle Position mit 59,3 Millionen USD in bar und keinen Schulden. Das Unternehmen erwartet, dass die vergleichbaren Verkaufszahlen im zweiten Halbjahr stabil bleiben oder leicht ansteigen, mit einer Bruttomarge von etwa 39 % und einem positiven EBITDA zwischen 0,5 und 2,5 Millionen USD.
- Total sales increased by 1.7% to $176.6 million in Q2 2024
- Strong liquidity position with $59.3 million in cash and no debt
- Positive low-single-digit comparable store sales growth in the first three weeks of Q3
- Home and impulse categories delivered double-digit comps in Q2
- Expecting second-half gross margin of approximately 39%
- Projecting positive EBITDA of $0.5-$2.5 million for the second half of fiscal 2024
- Net loss of $18.4 million in Q2 2024, compared to a $5.0 million loss in Q2 2023
- Comparable store sales decreased by 1.7% in Q2 2024
- Gross margin declined to 31.1% from 38.2% in Q2 2023
- Adjusted EBITDA loss of $17.2 million in Q2 2024, compared to a $3.1 million loss in Q2 2023
- $9.4 million in markdowns from strategic inventory reset
- $4.0 million shrink adjustment from physical inventory results
Citi Trends' Q2 2024 results reveal a mixed picture. The 1.7% total sales growth to
The net loss of
The company's outlook for H2 2024, with expected flat to low-single-digit comparable store sales growth and positive EBITDA, suggests a potential turnaround. However, investors should closely monitor the effectiveness of these strategic actions in driving profitable growth.
Citi Trends' strategic shift towards a refined merchandise strategy is a important move in the competitive retail landscape. The focus on offering a balanced assortment of good, better and best products, with an emphasis on opening price point items and branded 'treasure hunt' goods, aligns with current consumer trends seeking value and unique finds.
The positive traffic growth in Q2 and the strong performance in home and impulse categories (double-digit comps) indicate that the core consumer remains engaged with the brand. The early success of back-to-school children's categories is also promising.
However, the company's plan to close 10 to 15 underperforming stores this year signals ongoing challenges in certain locations. The reduced capital expenditure outlook (
Citi Trends' inventory management and supply chain strategies are undergoing significant changes. The strategic inventory reset, while costly in the short term, is a necessary step to align inventory with current market demands. Exiting Q2 2024 with total inventory flat compared to Q2 2023 is a positive sign, indicating better inventory control.
The company's focus on improving product allocation processes and preseason assortment planning is important for operational efficiency. These initiatives, combined with the inventory reset, should lead to fresher, more relevant product offerings and potentially higher full-price sell-through rates.
The engagement of a consulting firm to address shrink issues is a proactive step. The implementation of upgraded store talent, updated theft prevention equipment and a third-party restitution program demonstrates a comprehensive approach to tackling this industry-wide challenge. If successful, these measures could significantly improve gross margins in future quarters.
Total sales growth of
Significant actions taken to prepare for profitable growth
Strong financial position with liquidity of approximately
Single digit comparable store sales increase Q3 to-date
Company provides Outlook for second half of Fiscal 2024
Financial Highlights – Second Quarter 2024
-
Total sales of
$176.6 million 1.7% vs. Q2 2023; comparable store sales, calculated on a shifted 13-week to 13-week basis, decreased1.7% compared to Q2 2023 -
Gross margin of
31.1% including$9.4 million $4.0 million 38.2% in Q2 2023 -
Net loss of
( , or$18.4) million ( as adjusted*, compared to net loss of$16.2) million ( , or$5.0) million ( as adjusted* in Q2 2023$4.9) million -
Adjusted EBITDA* loss of
( , including$17.2) million $13.4 million ( in Q2 2023$3.1) million -
Opened 1 new store, closed 3 stores and remodeled 15 stores to end the quarter with 597 locations;
23% of the fleet in CTx format -
Cash of
$59.3 million $75 million - Exited Q2 2024 with total inventory flat vs. Q2 2023
Second Quarter Actions
During the second quarter, the Company took strategic and definitive action to reset its inventory composition, marking down slow-selling and aged inventory. This inventory reset sets the stage for the Company’s refined merchandise strategy to consistently offer fresher, more balanced assortments of good, better, and best products with a higher penetration of opening price point products and branded ‘treasure hunt’ goods at incredible value for our customers.
Throughout the quarter, the Company continued taking action to control and mitigate shrink, including upgrading store talent, updating in-store theft prevention equipment as well as leveraging exception reporting to identify problem areas early and establishing a third-party restitution program. Important policies, such as the return policy and the associate discount policy, have been updated to tighten controls as well. Additionally, a well-regarded consulting firm was engaged to help identify and fix other root causes of shrink.
The Company believes the
Financial Highlights – 26 weeks ended August 3, 2024
-
Total sales of
$362.8 million 2.7% vs. 2023; comparable store sales, calculated on a shifted 26-week to 26-week basis, increased0.7% compared to 2023 -
Gross margin of
35.0% vs.37.5% , or37.6% as adjusted* in 2023 -
Net loss of
( , or$21.8) million ( as adjusted*, compared to net loss of$18.8) million ( , or$11.7) million ( as adjusted* in 2023$10.4) million -
Adjusted EBITDA* loss of
( vs adjusted EBITDA* loss of$18.0) million ( in 2023$6.3) million
Interim Chief Executive Officer Comments
Ken Seipel, Interim Chief Executive Officer, commented, “Following an evaluation of several key areas of our business including an extensive review of our product assortment, we made the strategic decision to execute an inventory reset to quickly clear through slow-selling and aged inventory. This action enables us to consistently offer fresher, more balanced assortments of good, better, and best products. We are also swiftly capitalizing on two distinct opportunities: enhancing the ‘treasure hunt’ experience by securing branded goods at incredible values, while also increasing the penetration of opening price point goods. Additionally, we have identified specific opportunities to improve our product allocation process, shrinkage controls and preseason assortment planning process, all of which will improve our operational efficiency and execution. These are the first of several foundational improvements we are pursuing to position Citi Trends for profitable growth.
“Significantly, we achieved traffic growth in the quarter, a clear indication our core consumer remains highly engaged with the Citi Trends brand and our unique store experience. In Q2, our home and impulse categories delivered double digit comps and our back-to-school Children’s categories got off to a strong start. I am pleased to report that Q3 is off to a solid start with positive low-single-digit comparable store sales growth through the first three weeks of the quarter. We remain in a healthy financial position with strong liquidity and no debt, allowing us to execute the foundational work necessary for future profit acceleration. While there is still much work ahead, I am energized and optimistic about our company’s future. I would like to thank our entire Citi Trends team for their high level of engagement as we chart a new path to execute a winning strategy for all of our stakeholders,” Seipel concluded.
Capital Return Program Update
In the second quarter of fiscal 2024, the Company did not repurchase any shares of its common stock. At the end of Q2 2024,
Second Half 2024 Outlook
The Company’s outlook for the second half of fiscal 2024 is as follows:
- Expecting second half comparable store sales to be flat to up low-single digits compared to second half of fiscal 2023; total sales expected to be down mid-single digits due to the 53rd week last year and store closures
-
Second half gross margin expected to be approximately
39% -
Second half EBITDA* expected to be positive, in a range of
$0.5 million $2.5 million - The Company has completed its plans for store openings and remodels for the year with 1 new store and 35 remodels; planning to close 10 to 15 underperforming stores in the year, including the 6 closures completed year-to-date, as part of its ongoing fleet optimization; expecting to end fiscal 2024 with approximately 590 stores
-
Year-end cash balance is expected to be in the range of
$60 million $70 million -
Full year capital expenditures reduced by
35% from prior outlook to approximately$13 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 September 3,2024, by dialing (844) 512-2921 and entering the passcode,13748001.
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’ 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 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) | ||||||||||||
| Second Quarter | ||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| Net sales | $ |
176,552 |
|
$ |
173,554 |
|
$ |
185,012 |
|
|||
| Cost of sales (exclusive of depreciation shown separately below) |
|
(121,624 |
) |
|
(107,226 |
) |
|
(114,589 |
) |
|||
| Selling, general and administrative expenses |
|
(73,780 |
) |
|
(69,543 |
) |
|
(68,481 |
) |
|||
| Depreciation |
|
(4,782 |
) |
|
(4,708 |
) |
|
(5,272 |
) |
|||
| Asset impairment |
|
(1,261 |
) |
|
— |
|
|
— |
|
|||
| (Loss) Income from operations |
|
(24,895 |
) |
|
(7,923 |
) |
|
(3,330 |
) |
|||
| Interest income |
|
611 |
|
|
887 |
|
|
2 |
|
|||
| Interest expense |
|
(80 |
) |
|
(77 |
) |
|
(78 |
) |
|||
| (Loss) income before income taxes |
|
(24,364 |
) |
|
(7,113 |
) |
|
(3,406 |
) |
|||
| Income tax benefit (expense) |
|
5,951 |
|
|
2,081 |
|
|
870 |
|
|||
| Net (loss) income | $ |
(18,413 |
) |
$ |
(5,032 |
) |
$ |
(2,536 |
) |
|||
| Basic net (loss) income per common share | $ |
(2.21 |
) |
$ |
(0.61 |
) |
$ |
(0.31 |
) |
|||
| Diluted net (loss) income per common share | $ |
(2.21 |
) |
$ |
(0.61 |
) |
$ |
(0.31 |
) |
|||
| Weighted average number of shares outstanding | ||||||||||||
| Basic |
|
8,337 |
|
|
8,225 |
|
|
8,165 |
|
|||
| Diluted |
|
8,337 |
|
|
8,225 |
|
|
8,165 |
|
|||
| Twenty Six-Weeks Ended | ||||||||||||
| August 3, 2024 | July 29, 2023 | July 30, 2022 | ||||||||||
| Net sales | $ |
362,841 |
|
$ |
353,242 |
|
$ |
393,227 |
|
|||
| Cost of sales (exclusive of depreciation shown separately below) |
|
(235,878 |
) |
|
(220,885 |
) |
|
(241,600 |
) |
|||
| Selling, general and administrative expenses |
|
(147,991 |
) |
|
(140,350 |
) |
|
(139,507 |
) |
|||
| Depreciation |
|
(9,576 |
) |
|
(9,389 |
) |
|
(10,717 |
) |
|||
| Asset impairment |
|
(1,261 |
) |
|
— |
|
|
— |
|
|||
| Gain on sale-leasebacks |
|
— |
|
|
— |
|
|
34,920 |
|
|||
| (Loss) income from operations |
|
(31,865 |
) |
|
(17,382 |
) |
|
36,323 |
|
|||
| Interest income |
|
1,460 |
|
|
1,910 |
|
|
2 |
|
|||
| Interest expense |
|
(158 |
) |
|
(152 |
) |
|
(154 |
) |
|||
| (Loss) income before income taxes |
|
(30,563 |
) |
|
(15,624 |
) |
|
36,171 |
|
|||
| Income tax benefit (expense) |
|
8,724 |
|
|
3,957 |
|
|
(8,504 |
) |
|||
| Net (loss) income | $ |
(21,840 |
) |
$ |
(11,667 |
) |
$ |
27,667 |
|
|||
| Basic net (loss) income per common share | $ |
(2.63 |
) |
$ |
(1.42 |
) |
$ |
3.34 |
|
|||
| Diluted net (loss) income per common share | $ |
(2.63 |
) |
$ |
(1.42 |
) |
$ |
3.34 |
|
|||
| Weighted average number of shares outstanding | ||||||||||||
| Basic |
|
8,295 |
|
|
8,203 |
|
|
8,284 |
|
|||
| Diluted |
|
8,295 |
|
|
8,203 |
|
|
8,284 |
|
|||
| CITI TRENDS, INC. | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||
| (in thousands) | ||||||
| August 3, 2024 | July 29, 2023 | |||||
| (unaudited) | (unaudited) | |||||
| Assets: | ||||||
| Cash and cash equivalents | $ |
59,302 |
$ |
65,820 |
||
| Inventory |
|
134,996 |
|
134,473 |
||
| Prepaid and other current assets |
|
16,922 |
|
16,741 |
||
| Income Tax Receivable |
|
3,896 |
|
3,054 |
||
| Property and equipment, net |
|
51,702 |
|
59,084 |
||
| Operating lease right of use assets |
|
225,278 |
|
240,151 |
||
| Deferred tax assets |
|
13,715 |
|
6,101 |
||
| Other noncurrent assets |
|
921 |
|
1,083 |
||
| Total assets | $ |
506,731 |
$ |
526,507 |
||
| Liabilities and Stockholders' Equity: | ||||||
| Accounts payable | $ |
110,540 |
$ |
93,680 |
||
| Accrued liabilities |
|
24,780 |
|
28,383 |
||
| Current operating lease liabilities |
|
49,071 |
|
46,540 |
||
| Other current liabilities |
|
1,092 |
|
1,259 |
||
| Noncurrent operating lease liabilities |
|
182,869 |
|
198,525 |
||
| Other noncurrent liabilities |
|
1,789 |
|
2,167 |
||
| Total liabilities |
|
370,141 |
|
370,554 |
||
| Total stockholders' equity |
|
136,590 |
|
155,953 |
||
| Total liabilities and stockholders' equity | $ |
506,731 |
$ |
526,507 |
||
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 (loss) income, adjusted net (loss) income, adjusted earnings per diluted 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 (loss) income or earnings per diluted share prepared in accordance with generally accepted accounting principles (GAAP).
| Second Quarter | ||||||||
| August 3, 2024 | July 29, 2023 | |||||||
| Reconciliation of Adjusted Net (Loss) Income | ||||||||
| Net loss | $ |
(18,413 |
) |
$ |
(5,032 |
) |
||
| Asset impairment |
|
1,261 |
|
|
— |
|
||
| Cyber incident expenses |
|
36 |
|
|
163 |
|
||
| Other non-recurring expenses |
|
1,629 |
|
|
— |
|
||
| Tax effect |
|
(715 |
) |
|
(48 |
) |
||
| Adjusted net loss | $ |
(16,202 |
) |
$ |
(4,916 |
) |
||
| Second Quarter | ||||||||
| August 3, 2024 | July 29, 2023 | |||||||
| Reconciliation of Adjusted EBITDA | ||||||||
| Net loss | $ |
(18,413 |
) |
$ |
(5,032 |
) |
||
| Interest income |
|
(611 |
) |
|
(887 |
) |
||
| Interest expense |
|
80 |
|
|
77 |
|
||
| Income tax benefit |
|
(5,951 |
) |
|
(2,081 |
) |
||
| Depreciation |
|
4,782 |
|
|
4,708 |
|
||
| Asset impairment |
|
1,261 |
|
|
— |
|
||
| Cyber incident expenses |
|
36 |
|
|
163 |
|
||
| Other non-recurring expenses |
|
1,629 |
|
|
— |
|
||
| Adjusted EBITDA | $ |
(17,187 |
) |
$ |
(3,051 |
) |
||
| Twenty-Six Weeks Ended | ||||||||
| August 3, 2024 | July 29, 2023 | |||||||
| Reconciliation of Adjusted Gross Margin | ||||||||
| Net sales | $ |
362,841 |
|
$ |
353,242 |
|
||
| Cost of sales |
|
(235,878 |
) |
|
(220,885 |
) |
||
| Gross profit | $ |
126,963 |
|
$ |
132,357 |
|
||
| Gross margin |
|
35.0 |
% |
|
37.5 |
% |
||
| Non-recurring expenses | $ |
- |
|
$ |
513 |
|
||
| Adjusted gross profit | $ |
126,963 |
|
$ |
132,870 |
|
||
| Adjusted gross margin |
|
35.0 |
% |
|
37.6 |
% |
||
| Twenty-Six Weeks Ended | ||||||||
| August 3, 2024 | July 29, 2023 | |||||||
| Reconciliation of Adjusted Net (Loss) Income | ||||||||
| Net (loss) income | $ |
(21,840 |
) |
$ |
(11,667 |
) |
||
| Asset impairment |
|
1,261 |
|
|
— |
|
||
| Cyber incident expenses |
|
36 |
|
|
1,723 |
|
||
| Other non-recurring expenses |
|
3,009 |
|
|
— |
|
||
| Tax effect |
|
(1,229 |
) |
|
(436 |
) |
||
| Adjusted net (loss) income | $ |
(18,763 |
) |
$ |
(10,380 |
) |
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827914184/en/
Tom Filandro
ICR, Inc.
CitiTrendsIR@icrinc.com
Source: Citi Trends, Inc.
FAQ
What was Citi Trends' (CTRN) total sales growth in Q2 fiscal 2024?
How did Citi Trends' (CTRN) comparable store sales perform in Q2 2024?
What was Citi Trends' (CTRN) net loss for Q2 fiscal 2024?
What is Citi Trends' (CTRN) outlook for the second half of fiscal 2024?
How many stores did Citi Trends (CTRN) have at the end of Q2 2024?
