Press release
Citi Trends Announces First Quarter Fiscal 2024 Results
Total year-over-year sales growth of 3.7% to $186.3 million Comparable sales growth of 3.1%; Gross margin at 38.7% Balance sheet continues to have ample
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nTotal year-over-year sales growth of 3.7% to $186.3 million\n\n\nComparable sales growth of 3.1%; Gross margin at 38.7%\n\n\nBalance sheet continues to have ample liquidity and no debt\n\n\nCompany reiterates Fiscal 2024 EBITDA Outlook\n\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 multicultural families in the United States, today reported results for the first quarter ended May 4, 2024.\n\n\nFinancial Highlights – First Quarter 2024\n\n\n\nTotal sales of $186.3 million increased 3.7% vs. Q1 2023; comparable store sales, calculated on a shifted 13-week to 13-week basis, increased 3.1% compared to Q1 2023\n\n\n\nGross margin of 38.7% vs. 36.7% as reported and 37.0% as adjusted* in Q1 2023\n\n\n\nOperating loss of $7.0 million, or $5.6 million as adjusted*, compared to an operating loss of $9.5 million or $7.9 million as adjusted* in Q1 2023\n\n\n\nAdjusted EBITDA* loss of $0.8 million compared to an adjusted* loss of $3.2 million in Q1 2023\n\n\n\nNet loss per share was ($0.42), or ($0.32) as adjusted*, compared to ($0.81), or ($0.66) as adjusted* in Q1 2023\n\n\n\nClosed 3 stores and remodeled 20 stores to end the quarter with 599 locations; remodeled an additional 15 stores Q2 2024 to date, resulting in 21% of the fleet in CTx format\n\n\n\nCash of $58.2 million at quarter-end, with no debt and no borrowings under a $75 million credit facility\n\n\n\nExited Q1 2024 with an inventory increase of 4% vs. Q1 2023\n\n\n\nInterim Chief Executive Officer Comments\n\n\nKen Seipel, Interim Chief Executive Officer, commented, “The board is encouraged with our first quarter performance in which we registered an improvement in topline trend, delivering a comparable sales increase of 3.1%. The quarter was further highlighted by gross margin expansion of 160 basis points compared to last year. The improvements in topline and gross margin were helped by our rebuild of inventories in targeted product categories. We also benefitted from our store teams’ delivering in-store experiences and bringing to life our Citi Trends’ value proposition for the entire family.”\n\n\nMr. Seipel continued, “Our balance sheet has ample liquidity and no debt because of our financial disciplines, which in tu...