Citi Trends (CTRN) Misses Q1 EPS by 9c

Citi Trends (NASDAQ: CTRN) reported Q1 EPS of ($0.32), $0.09 worse than the analyst estimate of ($0.23). Revenue for the quarter came in at $186.3 million versus the consensus estimate of $187.38 million.

Fiscal 2024 Outlook

The Company’s updated fiscal 2024 outlook is as follows:

• Expecting full year comparable store sales growth of low to mid-single digits, a range slightly below our previous outlook
• Full year gross margin to expand by approximately 75 to 100 basis points, consistent with previous outlook
• SG&A dollars expected to increase by approximately 1.5% to 2.5%, slightly better than previous outlook from streamlined costs in a variety of areas
• Full year EBITDA* 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; expecting to end fiscal 2024 with approximately 595 stores
• Full year capital expenditures are still expected to be approximately $20 million

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

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