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Citi Trends Inc (NASDAQ:CTRN) reported fourth-quarter FY23 sales growth of 2.7% year-on-year to $215.18 million, missing the analyst consensus estimate of $216.32 million.
Comparable store sales declined 1.5%. Adjusted EPS of $0.53 missed the analyst consensus of $0.80.
Gross margin of 39.1% fell 40 basis points Y/Y. The company reported an operating income of $3.9 million with an operating margin of 1.8%.
Quarter-end total inventory increased 23.3% versus last year. Adjusted EBITDA of $10 million decreased 18.6% Y/Y.
Citi Trends held $79.7 million in cash and equivalents as of February 3, 2024.
At the end of the fiscal 2023, $50 million remained available under the company’s share repurchase program. The company did not repurchase any shares of its common stock in the quarter.
“Midway through the first quarter, we are encouraged by our positive comp results and sequential improvement versus prior quarters driven by traffic growth and strong conversion. We have several initiatives in flight that are delivering strong sales lifts including store remodels, category comebacks and marketing,” said CEO David Makuen.
Outlook: Citi Trends sees FY24 comparable store sales growth of mid-single digits.
The company plans to open up to 5 new stores, remodel approximately 40 stores, and close 10 to 15 underperforming stores as part of its ongoing fleet optimization.
Price Action: CTRN shares are trading lower by 7.46% at $28.40 on the last check Tuesday.
Photo via Wikimedia Commons
Posted In: CTRN
