Citi Trends Q2 2023 sales down 6.2% to $173.6M; comps down 5.3% but improve 880 bps from Q1

Citi Trends Inc

2023-Q2 EPS reported -$1.42 revenue$353,242,000

Total sales of $173.6M, down 6.2% YoY; comparable store sales decreased 5.3% but improved 880 bps from Q1 2023.
Gross margin 38.2% (flat vs. 38.1% in Q2 2022); operating loss of $7.9M vs. loss of $3.3M last year.
Net loss per share of ($0.61) vs. ($0.31) in Q2 2022; adjusted net loss per share ($0.60).
Total liquidity ~$141M ($65.8M cash, no debt, $75M credit facility undrawn).
Reiterates FY2023 guidance: sales down mid- to low-single digits, EBITDA $5M-$20M; opened 5 stores, closed 2.

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 0.9

Citi Trends Inc reported the second quarter ended July 29, 2023 results: revenue $173.6 million, EPS ($0.61). Guidance reaffirmed.

Period: the second quarter ended July 29, 2023
Revenue: $173.6 million
EPS: ($0.61)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Financial Highlights – Second Quarter 2023 ● Total sales of $173.6 million decreased 6.2% vs. Q2 2022; Comparable store sales decreased 5.3% compared to Q2 2022, an 880 bps improvement to Q1 2023 ● Gross margin of 38.2% vs. 38.1% in Q2 2022; 150 bps increase to Q1 2023 ● Operating loss of $7.9 million, or a loss of $7.8 million as adjusted*, compared to operating loss of $3.3 million in Q2 2022 ● Net loss per share of ($0.61), or adjusted net loss per share* of ($0.60), vs. net loss per share of ($0.31) in Q2 2022 ● Quarter-end total dollar inventory decreased 5.4% compared to Q2 2022 ● Total liquidity of approximately $141 million at the end of the quarter, made up of $65.8 million of cash, no borrowings under a $75 million credit facility, and no debt ● During Q2 2023, the Company opened 5 new stores, closed 2 underperforming locations and remodeled 8 stores, ending the quarter with 611 stores

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Source: SEC EDGAR

accession 0001104659-23-094079

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