Press release
Citi Trends Announces Fourth Quarter and Fiscal 2022 Results
Q4 2022 total sales of $209.5 million with gross margin of 39.5% Q4 2022 diluted EPS of $0.81; adjusted diluted EPS* of $0.83 Fiscal 2022 total sales of
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nQ4 2022 total sales of $209.5 million with gross margin of 39.5%\n\nQ4 2022 diluted EPS of $0.81; adjusted diluted EPS* of $0.83\n\nFiscal 2022 total sales of $795.0 million compared to $781.9 million in fiscal 2019\n\nFiscal 2022 diluted EPS of $7.17; adjusted diluted EPS* of $1.14\n\nCompany ends Fiscal 2022 with $103.5 million of cash and no debt\n\nCompany provides outlook for Fiscal 2023\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 fourth quarter and full year ended January 28, 2023.\n\nThe Company is reporting select operating results for the fourth quarter and full year 2022 relative to the same periods of 2019 due to the unique operating environment resulting from the COVID-19 pandemic and related government stimulus in 2020 and 2021.\n\nFinancial Highlights – Fourth Quarter 2022\n\n\nTotal sales of $209.5 million decreased 13.1% vs. Q4 2021 and decreased 0.7% vs. Q4 2019; comparable store sales decreased 14.4% compared to Q4 2021\n\n\nGross margin of 39.5% vs. 40.4% in Q4 2021 and 39.7% in Q4 2019\n\n\nSG&A expense dollars declined 11.3% vs. Q4 2021 and increased 4.3% vs. Q4 2019; SG&A expenses were 33.7% of sales compared to 33.0% in Q4 2021 and 32.1% in Q4 2019\n\n\nOperating income of $7.4 million, or $7.5 million as adjusted*, compared to $12.6 million in Q4 2021 and $11.3 million in Q4 2019, or $11.8 million as adjusted*\n\n\nNet income of $6.6 million compared to $9.8 million in Q4 2021 and $9.4 million in Q4 2019\n\n\nAdjusted EBITDA* of $12.3 million compared to $17.8 million in Q4 2021 and $16.6 million in Q4 2019\n\n\nDiluted EPS of $0.81, or $0.83 as adjusted*, vs. diluted EPS of $1.16 in Q4 2021 and diluted EPS of $0.84 in Q4 2019, or $0.88 as adjusted*\n\n\nFinancial Highlights – Full Year 2022\n\n\nTotal sales of $795.0 million decreased 19.8% vs. 2021 and increased 1.7% vs. 2019\n\n\nGross margin of 39.1% vs. 41.1% in 2021 and 38.0% in 2019\n\n\nOperating income of $75.3 million, or $11.4 million as adjusted*, vs. $79.5 million in 2021 and $18.5 million in 2019, or $20.6 million as adjusted*\n\n\nNet income of $58.9 million, or $9.4 million as adjusted*, compared to $62.2 mil...