Citi Trends Q2 net loss $18.4M vs $5.0M loss; sales up 1.7% to $176.6M; gross margin 31.1%

Citi Trends Inc

2024-Q2 EPS reported -$2.63 revenue$362,841,000

Q2 total sales $176.6M (+1.7% YoY); comp store sales -1.7% on shifted basis.
Gross margin fell to 31.1% from 38.2% due to $9.4M markdowns and $4.0M shrink charges.
Net loss $18.4M ($16.2M adjusted) vs $5.0M loss ($4.9M adjusted) a year ago.
Adjusted EBITDA loss $17.2M including $13.4M transition costs vs loss $3.1M in Q2 2023.
H2 2024 outlook: comps flat to up low-single digits; EBITDA $0.5M-$2.5M; capex cut to ~$13M.

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