Citi Trends (CTRN) Misses Q2 EPS by 169c ; Provides Outlook

Citi Trends (NASDAQ: CTRN) reported Q2 EPS of ($2.21), $1.69 worse than the analyst estimate of ($0.52). Revenue for the quarter came in at $176.6 million versus the consensus estimate of $178.99 million.

Second Half 2024 Outlook

The Company’s outlook for the second half of fiscal 2024 is as follows:

Expecting second half comparable store sales to be flat to up low-single digits compared to second half of fiscal 2023; total sales expected to be down mid-single digits due to the 53rd week last year and store closures
Second half gross margin expected to be approximately 39%
Second half EBITDA* expected to be positive, in a range of $0.5 million to $2.5 million, a significant improvement to first half results
The Company has completed its plans for store openings and remodels for the year with 1 new store and 35 remodels; planning to close 10 to 15 underperforming stores in the year, including the 6 closures completed year-to-date, as part of its ongoing fleet optimization; expecting to end fiscal 2024 with approximately 590 stores
Year-end cash balance is expected to be in the range of $60 million to $70 million
Full year capital expenditures reduced by 35% from prior outlook to approximately $13 million

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

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