Citi Trends Q3 2022: sales dip 15.6%, comps -18.3%; adjusted EPS $0.24

Citi Trends Inc

2022-Q3 EPS reported $6.34 revenue$585,550,000

Total sales $192.3M, -15.6% YoY; comparable sales -18.3% vs +19.7% in Q3 2021.
Net income $24.6M ($3.02 GAAP EPS); adjusted diluted EPS $0.24.
Gross margin 39.8% vs 40.3% in Q3 2021; SG&A deleveraged 310 bps.
Completed $36M sale-leaseback of Roland, OK DC; cash $77.8M, no debt.
Reiterated H2 2022 guidance: low single-digit total sales growth, gross margin high 30s-low 40s.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Citi Trends Inc reported the 39 weeks ended October 29, 2022 results: revenue $585.6 million, net income $52.3 million, EPS $6.34. Guidance reaffirmed.

Period: the 39 weeks ended October 29, 2022
Revenue: $585.6 million
Net income: $52.3 million
EPS: $6.34
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total sales of $585.6 million decreased 22.0% vs. 2021 and increased 2.6% vs. 2019; comparable sales decreased 24.5% compared to 2021 on top of a 26.9% increase in 2021 vs. 2019; 3 year stack of 2.4% ● Gross margin of 39.0% vs. 41.3% in 2021 and 37.4% in 2019 ● Operating income of $67.9 million, or $3.8 million as adjusted* for the gain on the sale of two distribution centers, vs. $66.9 million in 2021 and $7.3 million in 2019, or $8.3 million as adjusted* ● Net income of $52.3 million, or $2.9 million as adjusted*, vs. $52.4 million in 2021 and $7.1 million in 2019, or $8.0 million as adjusted* ● Adjusted EBITDA* of $19.6 million vs. $82.2 million in 2021 and $22.6 million in 2019 ● Diluted EPS of $6.34, or $0.35 as adjusted*, vs. diluted EPS of $5.71 in 2021 and $0.60 in 2019, or $0.67 as adjusted*

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Citi Trends Inc reported the third quarter ended October 29, 2022 results: revenue $192.3 million, net income $24.6 million, EPS $3.02. Guidance reaffirmed.

Period: the third quarter ended October 29, 2022
Revenue: $192.3 million
Net income: $24.6 million
EPS: $3.02
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total third quarter sales of $192.3 million with gross margin of 39.8% Comparable sales decreased 18.3% vs. 19.7% increase in Q3 2021 vs. Q3 2019; 3 year stack of 1.4% Net income of $24.6 million; adjusted operating income* of $2.4 million Diluted EPS of $3.02; adjusted diluted EPS* of $0.24 vs. diluted loss per share of ($0.09) in 2019

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Source: SEC EDGAR

accession 0001104659-22-122632

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