Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Mark One) Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 1, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-51315 CITI TRENDS, INC. (Exact name of registrant as specified in its charter) Delaware 52-2150697 (State or other jurisdiction of (I.R.S. Emplo ...

Citi Trends, Inc. (NASDAQ:CTRN) Q2 2020 Earnings Conference Call August 20, 2020 9:00 AM ET Company Participants Nitza McKee - Senior Associate, ICR LLC David Makuen - Chief Executive Officer Jason Moschner - Vice President of Finance Conference Call Participants Alex Silverman - AWM Investment Company Inc. Dana Telsey - Telsey Advisory Group Operator Greetings, and welcome to the Second Quarter 2020 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterward ...

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents unaudited condensed consolidated financial statements for Citi Trends, Inc., with notes on accounting policies and COVID-19 impact [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Summarizes the company's financial position, detailing assets, liabilities, and equity as of May 2, 2020, and February 1, 2020 Condensed Consolidated Balance Sheets (in thousands) | Assets/Liabilities & Equity | May 2, 2020 | Feb 1, 2020 | | :-------------------------- | :---------- | :---------- | | **Assets** | | | | Cash and cash equivalents | $108,130 | $19,923 | | Short-term investment securities | $5 | $27,562 | | Inventory | $121,885 | $138,258 | | Total current assets | $240,158 | $201,207 | | Total assets | $486,843 | $459,145 | | **Liabilities** | | | | Accounts payable | $94,249 | $79,596 | | Revolving credit facility | $43,700 | — | | Total liabilities | $343,785 | $288,101 | | **Stockholders' Equity** | | | | Total stockholders' equity | $143,058 | $171,044 | - Cash and cash equivalents significantly increased from **$19.9 million to $108.1 million**, while short-term investment securities decreased from **$27.6 million to $5 thousand**[10](index=10&type=chunk) - Total liabilities increased by **$55.7 million**, primarily due to a **$43.7 million** borrowing under the revolving credit facility[10](index=10&type=chunk) - Total stockholders' equity decreased by **$27.9 million**, from **$171.0 million to $143.1 million**[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details the company's financial performance, including net sales, expenses, and net income/loss for the thirteen weeks ended May 2, 2020, and May 4, 2019 Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Thirteen Weeks Ended May 2, 2020 | Thirteen Weeks Ended May 4, 2019 | | :-------------------------- | :------------------------------- | :------------------------------- | | Net sales | $116,124 | $205,032 | | Cost of sales | $(84,370) | $(128,238) | | Selling, general and administrative expenses | $(54,076) | $(63,447) | | Depreciation | $(4,946) | $(4,614) | | Asset impairment | $(286) | — | | (Loss) Income from operations | $(27,554) | $8,733 | | Interest income | $217 | $379 | | Interest expense | $(163) | $(38) | | (Loss) Income before income taxes | $(27,500) | $9,074 | | Income tax benefit (provision) | $6,608 | $(1,286) | | Net (loss) income | $(20,892) | $7,788 | | Basic net (loss) income per common share | $(2.00) | $0.65 | | Diluted net (loss) income per common share | $(2.00) | $0.65 | - Net sales decreased by **43.4% to $116.1 million** in Q1 2020 from **$205.0 million** in Q1 2019[13](index=13&type=chunk) - The company reported a **net loss of $20.9 million** in Q1 2020, a significant decline from a net income of **$7.8 million** in Q1 2019[13](index=13&type=chunk) - Basic and diluted EPS shifted from a positive **$0.65** in Q1 2019 to a negative **$2.00** in Q1 2020[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Outlines the cash inflows and outflows from operating, investing, and financing activities for the thirteen weeks ended May 2, 2020, and May 4, 2019 Condensed Consolidated Statements of Cash Flows (in thousands) | Activity | Thirteen Weeks Ended May 2, 2020 | Thirteen Weeks Ended May 4, 2019 | | :-------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $12,820 | $8,897 | | Net cash provided by investing activities | $39,251 | $6,034 | | Net cash provided by (used in) financing activities | $36,136 | $(3,310) | | Net increase in cash and cash equivalents | $88,207 | $11,621 | | Cash and cash equivalents, end of period | $108,130 | $29,484 | - Net cash provided by operating activities increased to **$12.8 million** in Q1 2020 from **$8.9 million** in Q1 2019[17](index=17&type=chunk) - Investing activities provided **$39.3 million** in Q1 2020, significantly up from **$6.0 million** in Q1 2019, largely due to sales/redemptions of investment securities[17](index=17&type=chunk) - Financing activities shifted from using **$3.3 million** in Q1 2019 to providing **$36.1 million** in Q1 2020, driven by **$43.7 million** in borrowings under the revolving credit facility[17](index=17&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Presents changes in stockholders' equity, including net income/loss, dividends, and stock repurchases for the thirteen weeks ended May 2, 2020, and May 4, 2019 Condensed Consolidated Statements of Stockholders' Equity (in thousands, except share amounts) | Item | Thirteen Weeks Ended May 2, 2020 | Thirteen Weeks Ended May 4, 2019 | | :-------------------------- | :------------------------------- | :------------------------------- | | Balances — February 1, 2020 / February 2, 2019 | $171,044 | $187,425 | | Net (loss) income | $(20,892) | $7,788 | | Dividends paid to stockholders | $(831) | $(958) | | Repurchase of common stock | $(6,254) | $(1,640) | | Balances — May 2, 2020 / May 4, 2019 | $143,058 | $190,549 | - Total stockholders' equity decreased from **$171.0 million** at February 1, 2020, to **$143.1 million** at May 2, 2020, primarily due to a net loss of **$20.9 million** and **$6.3 million** in common stock repurchases[20](index=20&type=chunk) - The company repurchased **260,254 shares** of common stock for **$6.3 million** during the thirteen weeks ended May 2, 2020[20](index=20&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Significant Accounting Policies](index=8&type=section&id=1.%20Significant%20Accounting%20Policies) Outlines the key accounting principles and methods used in preparing the financial statements - Citi Trends, Inc. is a value-priced retailer of fashion apparel, accessories, and home goods, operating **574 stores** in **33 states** as of May 2, 2020[25](index=25&type=chunk) - The condensed consolidated financial statements are unaudited and prepared in accordance with U.S. GAAP for interim reporting, reflecting all normal and recurring adjustments[26](index=26&type=chunk) - The company adopted ASU 2016-13 (Financial Instruments – Credit Losses) on February 2, 2020, which did not have a material impact on its financial statements[28](index=28&type=chunk) [2. Impact of the COVID-19 Pandemic](index=8&type=section&id=2.%20Impact%20of%20the%20COVID-19%20Pandemic) Discusses the adverse effects of the COVID-19 pandemic on the company's financial condition, operations, and liquidity, along with mitigation strategies - All retail stores and distribution centers were temporarily closed effective March 20, 2020, due to the COVID-19 pandemic, adversely impacting financial condition, results of operations, and liquidity[29](index=29&type=chunk) - Measures taken include borrowing **$43.7 million** from the revolving credit facility, furloughing staff, implementing salary reductions, extending vendor payment terms, abating rent, reducing operating expenses and capital expenditures, suspending share repurchases and dividends, and extending the credit facility term to August 2021[29](index=29&type=chunk) - The company began reopening stores on April 24, 2020, with **16 stores** reopened by May 2, 20

Citi Trends, Inc. (NASDAQ:CTRN) Q1 2020 Earnings Conference Call May 28, 2020 9:00 AM ET Company Participants Nitza McKee - ICR David Makuen - CEO & Director Jason Moschner - Principal Financial Officer & Principal Accounting Officer Conference Call Participants Eric Beder - Small Cap Consumer Research Elan Danon - Danon Capital Operator Greetings, and welcome to the First Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Nitza McKee, Senior Associat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended February 1, 2020 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 000-51315 CITI TRENDS, INC. (Exact name of registrant as specified in its charter) Delaware 52-2150697 (State or other jurisdictio ...

Citi Trends, Inc. (NASDAQ:CTRN) Q4 2019 Earnings Conference Call March 13, 2020 9:00 AM ET Company Participants Nitza McKee - Senior Associate, ICR Peter Sachse - Executive Chairman David Makuen - Chief Executive Officer Conference Call Participants Eric Beder - SCC Research Alex Silverman - AWM Investment Company Operator Greetings and welcome to the CTRN 4Q 2019 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-ans ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 2, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-51315 CITI TRENDS, INC. (Exact name of registrant as specified in its charter) DELAWARE 52-2150697 (State or other jurisdiction of (I.R.S. Emp ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 3, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 000-51315 CITI TRENDS, INC. (Exact name of registrant as specified in its charter) DELAWARE 52-2150697 (State or other jurisdiction of (I.R.S. Emplo ...

Citi Trends, Inc. (NASDAQ:CTRN) Q2 2019 Results Earnings Conference Call August 22, 2019 9:00 AM ET Company Participants Nitza McKee - Senior Associate Bruce Smith - President and CEO Stuart Clifford - CFO Conference Call Participants Eric Beder - SCC Research Operator Greetings and welcome to the CTRN 2Q 2019 Earnings Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session [Operator Instructions]. As a reminder, thi ...