Press release
Citi Trends Announces Fourth Quarter and Fiscal 2024 Results
Q4 2024 total sales of $211.2 million with comparable store sales growth of 6.4% and average store inventory down 6.7% Q4 2024 gross margin of 39.7%,
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nQ4 2024 total sales of $211.2 million with comparable store sales growth of 6.4% and average store inventory down 6.7%\n\nQ4 2024 gross margin of 39.7%, expansion of 60 basis points from Q4 2023\n\nFiscal 2024 total sales of $753.1 million with comparable store sales growth of 3.4%\n\nCompany ends Fiscal 2024 with liquidity of approximately $136 million, including $61 million of cash and no debt\n\nCompany provides outlook for Fiscal 2025; expects low to mid-single digit comparable store sales increase and significant EBITDA improvement\n\nMid-single digit comparable store sales momentum has continued Q1 2025 to-date\n\n SAVANNAH, Ga.--(BUSINESS WIRE)--\nCiti Trends, Inc. (NASDAQ: CTRN), a leading off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States, today reported results for the 13-week fourth quarter and 52-week full year ended February 1, 2025. For purposes of comparison, unless otherwise stated, metrics in this release are compared to the 14-week fourth quarter and 53-week full year ended February 3, 2024.\n\nFinancial Highlights – Fourth Quarter 2024\n\n\nTotal sales of $211.2 million decreased 1.9% vs. the fourteen-week period in Q4 2023; comparable store sales, calculated on a shifted 13-week to 13-week basis, increased 6.4% compared to Q4 2023 driven by increases in traffic, basket and conversion, reflecting improved product value, addition of off-price extreme value and better allocation methods\n\n\nGross margin of 39.7% vs. 39.1% in Q4 2023, an increase of 60 basis points due to lower freight expense, partially offset by planned in-season markdowns\n\n\nSG&A of $77.5 million, $76.7 million as adjusted* vs. $74.5 million, or $74.2 million as adjusted* in Q4 2023; approximately $1.5 million of the increase was due to one-time strategic costs in support of turnaround efforts\n\n\nTax expense of $15.8 million in the quarter includes $15.5 million related to a non-cash valuation allowance on deferred tax assets related to net operating losses\n\n\nNet loss of $(14.2) million, or adjusted net loss* of $(12.8) million, vs. net income of $3.6 million, or $4.4 million as adjusted* in Q4 2023\n\n\nAdjusted EBITDA* of $7.1 million compared to adjusted EBITDA* of $10.0 million in Q4 2023; normalizing for one-time, strategic SG&A costs in Q4 2024 and accru...