Press release
Citi Trends Announces Third Quarter 2023 Results
Total third quarter sales of $179.5 million; Year-to-date total sales of $532.8 million Strong gross margin of 38.2%; Year-to-date gross margin of 37.7%, or
About this update from Citi Trends, Inc.
[{"type":"text","content":"\nTotal third quarter sales of $179.5 million; Year-to-date total sales of $532.8 million\n\n\nStrong gross margin of 38.2%; Year-to-date gross margin of 37.7%, or 37.8% as adjusted*\n\n\nTotal liquidity of $135 million and no debt\n\n\nImproved topline momentum fourth quarter to date\n\n\nCompany provides updated fiscal 2023 guidance\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 third quarter ended October 28, 2023.\n\n\nFinancial Highlights – Third Quarter 2023\n\n\n\nTotal sales of $179.5 million decreased 6.7% vs. Q3 2022; Comparable store sales decreased 6.2% compared to Q3 2022\n\n\n\nGross margin of 38.2% vs. 39.8% in Q3 2022, flat to Q2 2023 gross margin\n\n\n\nOperating loss of $6.0 million, or a loss of $7.0 million as adjusted*, compared to operating income of $31.6 million, or $2.4 million as adjusted* in Q3 2022\n\n\n\nNet loss per share of $0.47, or adjusted net loss per share* of $0.56, vs. net earnings per share of $3.02, or $0.24 as adjusted*\n\n\n\nQuarter-end total dollar inventory increased 0.9% compared to Q3 2022\n\n\n\nTotal liquidity of approximately $135 million at the end of the quarter, made up of $59.7 million of cash, no borrowings under a $75 million credit facility, and no debt\n\n\n\nDuring Q3 2023, the Company closed 5 stores and remodeled 7 stores, which brings total remodels to 15 for the year. The Company ended the quarter with 606 stores\n\n\n\nFinancial Highlights – 39 weeks ended October 28, 2023\n\n\n\nTotal sales of $532.8 million decreased 9.0% vs. 2022; Comparable store sales decreased 8.7% compared to 2022\n\n\n\nGross margin of 37.7%, or 37.8% as adjusted*, vs. 39.0% in 2022\n\n\n\nOperating loss of $23.4 million, or a loss of $22.7 million as adjusted*, compared to operating income of $67.9 million in 2022, or $3.8 million as adjusted*\n\n\n\nNet loss of $15.5 million, or $15.0 million as adjusted*, compared to net income of $52.3 million in 2022, or $2.9 million as adjusted*\n\n\n\nAdjusted EBITDA* of ($8.5) million vs. $19.6 million in 2022\n\n\n\nNet loss per share of $1.89, or adjusted net loss per share* of $1.83, vs. diluted earnings per share of $6...