Workflow
Citi Trends(CTRN) - 2025 Q2 - Quarterly Report
CTRNCiti Trends(CTRN)2024-09-11 20:38

Financial Performance - Net sales for the twenty-six weeks ended August 3, 2024, were 362,841,000,comparedto362,841,000, compared to 353,242,000 for the same period in 2023, representing an increase of about 2.3%[8] - The net loss for the thirteen weeks ended August 3, 2024, was 21,839,000,comparedtoanetlossof21,839,000, compared to a net loss of 11,667,000 for the same period in 2023, indicating a worsening of approximately 87.1%[9] - Basic net loss per common share for the thirteen weeks ended August 3, 2024, was (2.63),comparedto(2.63), compared to (1.42) for the same period in 2023, reflecting a significant increase in losses per share[8] - The company reported a loss from operations of 31,865,000forthetwenty−sixweeksendedAugust3,2024,comparedtoalossof31,865,000 for the twenty-six weeks ended August 3, 2024, compared to a loss of 17,382,000 for the same period in 2023, indicating a deterioration of approximately 83.5%[8] - The net loss for the second quarter of 2024 was 18.4million,comparedtoanetlossof18.4 million, compared to a net loss of 6.6 million in the same period of 2023[21] - The company reported an asset impairment of 1,261,000forthetwenty−sixweeksendedAugust3,2024,comparedtonoimpairmentinthesameperiodof2023[8]AssetsandLiabilities−Totalassetsdecreasedfrom1,261,000 for the twenty-six weeks ended August 3, 2024, compared to no impairment in the same period of 2023[8] Assets and Liabilities - Total assets decreased from 518,721,000 as of February 3, 2024, to 506,731,000asofAugust3,2024,adeclineofapproximately2.3506,731,000 as of August 3, 2024, a decline of approximately 2.3%[5] - Total current liabilities increased from 169,904,000 as of February 3, 2024, to 185,483,000asofAugust3,2024,anincreaseofapproximately9.1185,483,000 as of August 3, 2024, an increase of approximately 9.1%[5] - Total current assets decreased from 225,099 thousand as of February 3, 2024, to 215,116thousandasofAugust3,2024[5]−Totalliabilitiesincreasedfrom215,116 thousand as of August 3, 2024[5] - Total liabilities increased from 361,015 thousand as of February 3, 2024, to 370,141thousandasofAugust3,2024[5]−Totalstockholders′equitydecreasedfrom370,141 thousand as of August 3, 2024[5] - Total stockholders' equity decreased from 157,706,000 as of February 3, 2024, to 136,590,000asofAugust3,2024,adeclineofapproximately13.4136,590,000 as of August 3, 2024, a decline of approximately 13.4%[6] Cash Flow and Liquidity - Cash and cash equivalents decreased from 79,706,000 at the beginning of the period to 59,302,000attheend,adeclineofabout25.659,302,000 at the end, a decline of about 25.6%[9] - Total cash and cash equivalents at the end of the period were 59,302,000, down from 65,820,000attheendofJuly29,2023,indicatingadecreaseinliquidity[9]−Cashusedinoperatingactivitiesforthetwenty−sixweeksendedAugust3,2024,was65,820,000 at the end of July 29, 2023, indicating a decrease in liquidity[9] - Cash used in operating activities for the twenty-six weeks ended August 3, 2024, was (13,996,000), a decrease from (29,961,000)inthesameperiodof2023,showingimprovedcashflowmanagement[9]InventoryandOperatingCosts−Inventoryincreasedfrom(29,961,000) in the same period of 2023, showing improved cash flow management[9] Inventory and Operating Costs - Inventory increased from 130,432,000 as of February 3, 2024, to 134,996,000asofAugust3,2024,anincreaseofapproximately3.6134,996,000 as of August 3, 2024, an increase of approximately 3.6%[5] - Operating lease liabilities increased from 45,842,000 to 49,071,000,reflectingariseofabout4.949,071,000, reflecting a rise of about 4.9%[5] - Operating lease costs for the weeks ended July 29, 2023, totaled 18,921 thousand, while for the weeks ended August 3, 2024, they were 18,322thousand,indicatingadecrease[31]−Totalleasecostsforthefirsthalfof2024amountedto18,322 thousand, indicating a decrease[31] - Total lease costs for the first half of 2024 amounted to 37.047 million, compared to 37.965millionforthefirsthalfof2023[31]ShareholderInformation−Theweightedaveragenumberofcommonsharesoutstanding(basic)forthesecondquarterof2024was8,336,629,comparedto8,224,762forthesameperiodin2023[17]−Theweightedaveragenumberofbasicsharesoutstandingincreasedto8,295,000forthetwenty−sixweeksendedAugust3,2024,from8,203,000inthesameperiodof2023[8]−Theweightedaveragenumberofcommonsharesoutstanding(diluted)increasedto8,294,593asofAugust3,2024,from8,203,497inthepreviousyear[18]−Therewerenostockrepurchasesinthefirsthalfof2024or2023,with37.965 million for the first half of 2023[31] Shareholder Information - The weighted average number of common shares outstanding (basic) for the second quarter of 2024 was 8,336,629, compared to 8,224,762 for the same period in 2023[17] - The weighted average number of basic shares outstanding increased to 8,295,000 for the twenty-six weeks ended August 3, 2024, from 8,203,000 in the same period of 2023[8] - The weighted average number of common shares outstanding (diluted) increased to 8,294,593 as of August 3, 2024, from 8,203,497 in the previous year[18] - There were no stock repurchases in the first half of 2024 or 2023, with 50 million remaining available under the stock repurchase authorization[27] Store Operations - As of August 3, 2024, the company operated 597 stores across 33 states[13] - The company’s retail operations represent a single operating segment, with similar products and processes across its stores[28] Tax and Deferred Assets - The company had approximately 13.7millioninnetdeferredtaxassetsasofAugust3,2024[23]−AsofAugust3,2024,thecompanyhadapproximately13.7 million in net deferred tax assets as of August 3, 2024[23] - As of August 3, 2024, the company had approximately 13.7 million in net deferred tax assets (DTA), with $9.7 million related to net operating loss (NOL) carryforwards[23][24] Accounting and Reporting - The company is currently evaluating the impact of new accounting standards issued by the FASB regarding segment reporting and income tax disclosures[36][37]