Press release
Citi Trends Announces Fourth Quarter and Fiscal 2023 Results
Q4 2023 total sales of $215.2 million with gross margin of 39.1% Q4 2023 diluted EPS of $0.42; adjusted diluted EPS* of $0.53 Fiscal 2023 total sales of
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nQ4 2023 total sales of $215.2 million with gross margin of 39.1%\n\n\nQ4 2023 diluted EPS of $0.42; adjusted diluted EPS* of $0.53\n\n\nFiscal 2023 total sales of $747.9 million\n\n\nCompany ends Fiscal 2023 with $155 million of liquidity, including $80 million of cash and no debt\n\n\nCompany provides outlook for Fiscal 2024; expects mid-single digit comp increase\n\n\nQ1 2024 to date comp trend consistent with 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 fourth quarter and full year ended February 3, 2024, both of which included an additional week as compared to the comparable prior year periods.\n\n\nFinancial Highlights – Fourth Quarter 2023\n\n\n\nTotal sales of $215.2 million increased 2.7% vs. Q4 2022; the extra week contributed $11.2 million to total sales in the fourth quarter of fiscal 2023; comparable store sales, calculated on a 13-week to 13-week basis, decreased 1.5% compared to Q4 2022\n\n\n\nGross margin of 39.1% vs. 39.5% in Q4 2022\n\n\n\nOperating income of $3.9 million, or $5.1 million as adjusted*, compared to $7.4 million in Q4 2022 or $7.5 million as adjusted*\n\n\n\nNet income of $3.6 million, $4.4 million as adjusted*, compared to $6.6 million in Q4 2022 or $6.8 million as adjusted*\n\n\n\nAdjusted EBITDA* of $10.0 million compared to $12.3 million in Q4 2022\n\n\n\nDiluted EPS of $0.42, or $0.53 as adjusted*, vs. diluted EPS of $0.81 in Q4 2022 or $0.83 as adjusted*\n\n\n\nFinancial Highlights – Full Year 2023\n\n\n\nTotal sales of $747.9 million decreased 5.9% vs. 2022; comparable stores sales, calculated on a 52-week to 52-week basis, decreased 6.8% vs. 2022\n\n\n\nGross margin of 38.1%, or 38.2% as adjusted*, vs. 39.1% in 2022\n\n\n\nOperating loss of $19.5 million, or $17.5 million as adjusted*, vs. operating income of $75.3 million in 2022, or $11.4 million as adjusted*\n\n\n\nNet loss of $12.0 million, or $10.5 million as adjusted*, compared to net income of $58.9 million in 2022, or $9.4 million as adjusted*\n\n\n\nAdjusted EBITDA* of $1.5 million vs. $32.0 million in 2022\n\n\n\nNet loss per share of $1.46, or $1.28 as adjusted*, vs. diluted EPS of $7.17 i...