Citi Trends Q3 comps up 5.7%, gross margin 39.8%, raises H2 EBITDA outlook

Citi Trends Inc

2024-Q3 EPS reported -$3.49 revenue$541,907,000

Comparable store sales increased 5.7% in Q3; total sales $179.1M (-0.3%). Traffic, basket, and conversion improved.
Gross margin expanded 160 bps to 39.8% from 38.2% due to markup expansion and shrink improvement.
Net loss $(7.2)M; adjusted net loss $(6.5)M. Adjusted EBITDA loss $(3.3)M vs $(2.3)M in Q3 2023.
Second half fiscal 2024 outlook raised: comps up low-to-mid single digits (from flat to up low single), EBITDA $1.5M-$4M (from $0.5M-$2.5M). Strong holiday start.
Balance sheet: $38.9M cash, no debt, $75M credit facility undrawn. $50M remains under share repurchase program, expected to resume in Q4.

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