Citi Trends (CTRN) Tops Q1 EPS by 8c, Updates FY Guidance

Citi Trends (NASDAQ: CTRN) reported Q1 EPS of $0.42, $0.08 better than the analyst estimate of $0.34. Revenue for the quarter came in at $208.2 million versus the consensus estimate of $203.77 million.

GUIDANCE:

Citi Trends sees FY2022 EPS of $2.25-$2.75, versus the consensus of $3.52. Citi Trends sees FY2022 revenue of $860-880 million, versus the consensus of $914.8 million.

• Fiscal 2022 total sales of $860 to $880 million, with a comparable store sales decrease of 14% to 16% on top of a 22% increase in fiscal 2021 vs. fiscal 2019; this guidance implies a stack of 6% to 8% for the periods noted
• Fiscal 2022 operating income of $58.8 to $65.3 million, and adjusted operating income of $23.8 to $30.6 million (adjusted for the sale of the distribution center); at the midpoint of the adjusted range, this implies a 32% increase compared to fiscal 2019
• Fiscal 2022 diluted earnings per share of $5.59 to $6.09, and adjusted diluted earnings per share of $2.25 to $2.75 (adjusted for the sale of the distribution center); at the midpoint of the adjusted range, this implies a 60% increase compared to fiscal 2019
• Fiscal 2022 guidance includes $2.3 million of incremental non-cash SG&A expense related to the conversion of certain cash settled awards to restricted stock, which negatively impacts diluted earnings per share by approximately $0.22
• The Company now expects to open approximately 20 new stores during fiscal 2022

For earnings history and earnings-related data on Citi Trends (CTRN) click here.

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