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0 0.0038834951456311 -0.00970873786407769 -0.0226537216828479 0.00711974110032359 0.0563106796116504 0.0592233009708738 0.0478964401294499
Stock impact report

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 Check Earnings Report
US:NASDAQ Investor Relations: ir.cititrends.com
Company Research 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 Show less Read more
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