04.06.2024 13:08:05
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Citi Trends Posts Narrower-than-expected Q1 Loss; Revises FY24 Comps View; To Close 10 To 15 Stores
(RTTNews) - Citi Trends, Inc. (CTRN), a value retailer of fashion apparel, accessories, and home goods, Tuesday reported that its first-quarter net loss narrowed to $3.43 million from last year's loss of $6.64 million.
Net loss per share was $0.42, compared to loss of $0.81 a year ago. Adjusted loss per share was $0.32, compared to loss of $0.66 last year.
Net sales grew 3.7 percent to $186.29 million from last year's $179.69 million.
Analysts on average expected the company to report loss of $0.35 per share on sales of $187.37 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Comparable store sales, calculated on a shifted 13-week to 13-week basis, increased 3.1 percent.
Further, Citi Trends updated its fiscal 2024 outlook, expecting comparable store sales growth of low to mid-single digits, a range slightly below its previous outlook.
Full- year gross margin is expected to expand by around 75 to 100 basis points, consistent with previous outlook
EBITDA is planned to be in the range of $4 million to $10 million, unchanged from previous outlook.
The company continues to plan 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
The firm expects to end fiscal 2024 with approximately 595 stores.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.
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Citi Trends IncShs | 22,80 | 0,00% |