Citi Trends Q1 net loss $0.81/sh; sales down 13.7%; guides FY EBITDA $5-20M

Given the uncertain macro-economic environment, the Company is updating its outlook for fiscal 2023 as follows: · Full year total sales are expected to be in the range of negative mid single-digits to negative low single-digits as compared to fiscal 2022, assuming a challenging first half with modest improvement in the second half of the year · Full year EBITDA now expected to be in the range of $5 million to $20 million · The Company now plans to open 5 new stores and remodel 10 to 20 stores in the year · Full year capital expenditures are now expected to be in the range of $15 million to $20 million · Year end cash balance is expected to be in the range of $85 million to $105 million · The remaining aspects of the prior guidance are unchanged with full year gross margin expected to be in the high thirties and the closure of 10 to 15 underperforming stores

CITI TRENDS ANNOUNCES FIRST QUARTER 2023 RESULTS Total sales of $179.7 million, in line with previously stated guidance Strong financial position with liquidity of approximately $164 million and no debt Company updates fiscal year 2023 guidance SAVANNAH, GA (May 23, 2023) — Citi 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 first quarter ended April 29, 2023.