Q1 2024 Citi Trends Inc Earnings Call Transcript

Jun 04, 2024 / 01:00PM GMT

Release Date Price: $24.52 (-0.53%)

Transcript 10-Q8-K8-K

Key Points

Positve

Citi Trends Inc (CTRN) reported a positive comp store sales increase of 3.1% for Q1 2024.
Gross margin expanded by 160 basis points compared to the previous year.
The company has no debt and a strong liquidity position with $133 million available.
Successful inventory rebuilds and targeted product categories contributed to positive performance.
The company is leveraging a new ERP system to optimize assortments and improve planning and allocation.

Negative

The company experienced an unexpected shrink headwind due to physical inventory counts.
SG&A expenses increased by about $3 million compared to last year.
The company closed three stores as part of its fleet optimization effort.
Full-year comp store sales growth outlook was adjusted to low to mid-single digits, slightly below previous expectations.
Shrink remains a concern and is expected to be a headwind for the remainder of the year.

Operator

Greetings, and welcome to the Citi Trends first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Nitza McKee, Senior Associate at ICR. Thank you. You may begin.

Nitza McKee

ICR - Senior Associate, IR

Thank you, and good morning, everyone. Thank you for joining us on Citi Trends first quarter 2024 earnings call. On our call today is Interim Chief Executive Officer, Ken Seipel; and Chief Financial Officer, Heather Plutino.

Our earnings release was sent out this morning at 6:45 AM Eastern time. If you have not received a copy of the release, it's available on the company's website under Investor Relations section at www.cititrends.com.

You should be aware that prepared remarks today may during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Management may make additional forward

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.