Press release
Citi Trends Announces 2022 Holiday Sales Results
Total Sales for the nine-weeks ending December 31, 2022 of $171.9 million, in line with expectations Q4 2022 EPS expected to be in the range of $0.78 to
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nTotal Sales for the nine-weeks ending December 31, 2022 of $171.9 million, in line with expectations\n\nQ4 2022 EPS expected to be in the range of $0.78 to $0.86; EPS for the second half of Fiscal 2022 expected to be in the range of $3.80 to $3.88, or $1.02 to $1.10 as adjusted*, compared to $0.73 in the second half of Fiscal 2019, or $0.77 as adjusted*\n\nYear-end cash balance now expected to be approximately $95 million to $105 million\n\nReaffirms all other components of second half Fiscal 2022 guidance\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States, today announced results for its holiday selling period.\n\nTotal sales for the nine-week period ending December 31, 2022 of $171.9 million compared to $204.8 million in the same period in 2021 and $170.5 million in the same period in 2019, a decrease of 16.1% and an increase of 0.8%, respectively. Comparable store sales for the nine-week period ending December 31, 2022 decreased 17.5% versus the same period in 2021.\n\nDavid Makuen, Chief Executive Officer, said, “We are pleased with our holiday season performance, particularly in light of the continued inflationary pressure our customers experienced. Our sales were in line with our expectations thanks to our curated, on-trend gift assortment and amazing values, which resonated with our customers. In addition, we continued to deliver strong gross margin, driven by well managed inventory levels.”\n\nMr. Makuen continued, “I would like to thank the entire Citi Trends team across our Buy, Move, Sell and Support functions for their exceptional and nimble execution, especially our store teams who amazed our customers up until the very last minute delivering on our Gift Big and Spend Less holiday promise. We look forward to building on our strong foundation as we kick off Fiscal 2023.”\n\nGuidance\n\nThe Company now expects year-end cash balance of approximately $95 million to $105 million. The Company is reaffirming all other components of the guidance it previously provided for the second half of Fiscal 2022. That guidance, which included the impact of the sale-leaseback of the Roland distribution center, is detailed below. In addition, the Com...