Citi Trends' aggressive actions to clear out inventory results in a deep loss in Q2 [Seeking Alpha]
Citi Trends, Inc. (CTRN)
Last citi trends, inc. earnings: 5/23 06:45 am
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US:NASDAQ Investor Relations:
ir.cititrends.com
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Source: Seeking Alpha
inventory resulted in a sizable miss on profit expectations, while comparable store sales were down 1.7% from the same quarter last year. For the most recently reported quarter , Citi Trends lost $2.21 per share, which missed the consensus estimate by $1.61 while revenue was off by $2.4M. But looking ahead to the second half of 2024, the company believes its “strategic and definitive action to reset its inventory” and efforts to mitigate shrink by updating in-store theft prevention equipment and increase store staff is expecting to improve comparable sales, now expected to be flat to up low-single digits in H2 2024, while gross margin is expected to improve to 39% from 35.0% in the first half of 2024. The company also expects to close 10-15 underperforming stores in 2024 and end the year with ~590 stores. Year-end cash balance is expected to be within the range of $60M to $70M, while full year capital expenditures are set to be down 35% to ~$13M. Shares are down 11% in premarket
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News
- Citi Trends, Inc. (NASDAQ: CTRN) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Citi Trends, Inc. (NASDAQ: CTRN) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Citi Trends Announces CEO Appointment and Q3 Comparable Store Sales Above Guidance [Yahoo! Finance]Yahoo! Finance
- Citi Trends Announces CEO Appointment and Q3 Comparable Store Sales Above GuidanceBusiness Wire
- Citi Trends Sets Date for Third Quarter 2024 Earnings Release and Conference CallBusiness Wire
CTRN
Sec Filings
- 11/20/24 - Form 4
- 11/19/24 - Form 8-K
- 11/15/24 - Form SCHEDULE
- CTRN's page on the SEC website