Welcome to our dedicated page for Citi Trends news (Ticker: CTRN), a resource for investors and traders seeking the latest updates and insights on Citi Trends stock.
Citi Trends, Inc. (NASDAQ: CTRN) generates a steady flow of news as an off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States. This news page aggregates company press releases and other coverage so readers can follow how the retailer’s strategy and operations translate into reported results and corporate developments.
Recent Citi Trends news has focused on quarterly earnings, holiday sales performance and updates to fiscal outlook. The company regularly reports total sales, comparable store sales growth, gross margin trends, SG&A leverage, net income or loss and adjusted EBITDA, often highlighting the impact of its three-tiered merchandise assortment and strategic transformation framework. Releases also describe store remodel activity, store openings and closures, and changes in inventory levels and liquidity.
Beyond financial updates, Citi Trends issues announcements about investor conference appearances, such as presentations at the ICR Conference and the Global Consumer & Retail Conference, as well as scheduling notices for upcoming earnings releases and conference calls. The company also publishes news on community initiatives, including its Black History Makers grant program, which supports Black-owned businesses and entrepreneurs.
Visitors to this CTRN news page can review historical and recent articles covering first, second and third quarter results, holiday sales updates, guidance revisions, capital allocation actions and community-focused programs. For investors, analysts and followers of the off-price retail sector, this page offers a centralized view of how Citi Trends communicates its performance, strategic priorities and engagement with its core African American customer base over time.
Citi Trends (NASDAQ: CTRN), a leading specialty value retailer, announced the winners of its 4th Annual Black History Makers Grant program. The initiative, managed by Citi Trends CitiCares Council, aims to increase awareness of Black-owned businesses and honor entrepreneurs making positive community impacts. Ten Black business owners were each awarded a $5,000 grant. The winners include Artika Tyner of Planting People Growing Justice Press and Bookstore, Ashley Hamilton of Not Your Average Size, and others. Interim CEO Ken Seipel praised the high number of applications and expressed excitement for this year's winners. Citi Trends operates 597 stores across 33 states.
Citi Trends (NASDAQ: CTRN) reported its Q1 Fiscal 2024 results, showing a 3.7% year-over-year (YoY) increase in total sales to $186.3 million and a 3.1% rise in comparable store sales.
Gross margin expanded to 38.7% from 36.7% YoY. The company noted an operating loss of $7.0 million, improved from last year's loss of $9.5 million. Adjusted EBITDA loss stood at $0.8 million versus $3.2 million in Q1 2023.
Net loss per share was ($0.42), compared to ($0.81) YoY. The firm closed 3 stores while remodeling 20, ending the quarter with 599 locations and an inventory increase of 4% YoY.
Cash reserves were $58.2 million with no debt, and the company did not repurchase any shares during the quarter. Citi Trends reiterated its EBITDA outlook for Fiscal 2024 and aims to remodel 40 stores while closing 10-15 underperforming locations.
Citi Trends has appointed Ken Seipel as interim CEO effective June 2, 2024, following David Makuen's resignation as CEO and board member. Seipel, a veteran in the retail sector, has a track record of successful turnarounds. Makuen will stay temporarily as a Senior Advisor. The Board is now searching for a permanent CEO, considering both internal and external candidates. Preliminary Q1 2024 results show total sales of $186.3 million, a 3.1% growth in comparable sales, and an EBITDA loss of $0.8 million. The company plans to detail these results further in an investor call on June 4, 2024.
Citi Trends (NASDAQ: CTRN) announced it will release its first quarter 2024 earnings on June 4, 2024, before the market opens. A conference call will follow the earnings release at 9:00 a.m. ET the same day. Investors can access the live broadcast online via the company's website, or by dialing 1-877-407-0779. An online replay will be available for one year.
During the conference call, Citi Trends may discuss recent business and financial developments that have occurred since the quarter-end. Citi Trends is a specialty value retailer with 599 stores in 33 states, primarily serving African American and multicultural families in the U.S.
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