Wed, Jun 12, 7:18 PM (225 days ago)
Citi Trends, Inc. reported a net loss of $3.4 million for Q1 2024, improving from a $6.6 million loss in Q1 2023. Net sales increased by 3.7% to $186.3 million, driven by a 3.1% rise in comparable store sales. Cost of sales slightly increased by 0.5% to $114.3 million, but as a percentage of sales, it decreased to 61.3% from 63.3% due to lower freight costs and markdowns. Selling, general, and administrative expenses rose by 4.8% to $74.2 million, attributed to higher corporate payroll, marketing, and store expenses. The company’s cash and cash equivalents decreased to $58.2 million from $79.7 million at the previous quarter-end. Inventory levels were strategically increased to $119.0 million. No shares were repurchased during the quarter. The company remains cautious about the impact of economic conditions, including inflation and consumer spending, on future operations.