earnings
confidence high
sentiment negative
materiality 0.85
Citi Trends Q2 sales $185M, comps -24.9%, operating loss $3.3M; guides H2 sales down 8-10% from prior midpoint
Citi Trends Inc
2022-Q2 EPS reported
$3.34
revenue$393,227,000
- Q2 total sales $185.0M (-22% YoY); comparable sales -24.9%; operating loss $3.3M vs $16.4M income YoY; diluted EPS -$0.31.
- Cash $27.9M, no debt; inventory up 25.5% YoY; $75M credit facility undrawn.
- Company to close Roland, OK sale-leaseback in September for $36M, net proceeds ~$32M.
- Revised FY2022 guidance: full year sales down 8-10% from prior $870M midpoint; H2 operating income expected in line with H2 2019.
- Expense reduction actions: ~$10M in H2 savings, 10% staff reduction; capex cut by ~$10M.