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Citi Trends(CTRN) - 2025 Q1 - Quarterly Report
CTRNCiti Trends(CTRN)2024-06-12 19:16

Financial Performance - Net sales for the thirteen weeks ended May 4, 2024, were 186.3million,anincreaseof3.6186.3 million, an increase of 3.6% compared to 179.7 million for the same period in 2023[34]. - The company reported a net loss of 3.4millionforthefirstquarterof2024,improvingfromanetlossof3.4 million for the first quarter of 2024, improving from a net loss of 6.6 million in the first quarter of 2023[34]. - Basic and diluted net loss per common share for the first quarter of 2024 was 0.42,comparedto0.42, compared to 0.81 for the same period in 2023[34]. - The company experienced a loss from operations of 7.0millionforthefirstquarterof2024,animprovementfromalossof7.0 million for the first quarter of 2024, an improvement from a loss of 9.5 million in the first quarter of 2023[34]. Equity and Liabilities - Total stockholders' equity decreased to 154.8millionasofMay4,2024,from154.8 million as of May 4, 2024, from 157.7 million as of February 3, 2024[32]. - Total liabilities and stockholders' equity amounted to 484.1millionasofMay4,2024,downfrom484.1 million as of May 4, 2024, down from 518.7 million as of February 3, 2024[32]. - The company had no borrowings under its credit facility as of May 4, 2024, with 1.4millioninlettersofcreditoutstanding[43].−Thecompanyreportedadecreaseof1.4 million in letters of credit outstanding[43]. - The company reported a decrease of 14.5 million in accrued expenses and other long-term liabilities in Q1 2024, compared to a 20.0milliondecreaseinQ12023[46].Expenses−Selling,generalandadministrativeexpensesincreasedto20.0 million decrease in Q1 2023[46]. Expenses - Selling, general and administrative expenses increased to 74.2 million in the first quarter of 2024, compared to 70.8millioninthefirstquarterof2023[34].−Interestincomeforthefirstquarterof2024was70.8 million in the first quarter of 2023[34]. - Interest income for the first quarter of 2024 was 849,000, down from 1.0millioninthefirstquarterof2023[34].−Significantusesofcashincludeda1.0 million in the first quarter of 2023[34]. - Significant uses of cash included a 28.1 million decrease in accounts payable compared to an increase of 9.1millioninthefirstquarterof2023[46].−SignificantcashusesinQ12024includeda9.1 million in the first quarter of 2023[46]. - Significant cash uses in Q1 2024 included a 28.1 million decrease in accounts payable, contrasting with a 9.1millionincreaseinQ12023[46].ShareholderInformation−AsofApril29,2023,thecompanyreportednetincomeof9.1 million increase in Q1 2023[46]. Shareholder Information - As of April 29, 2023, the company reported net income of (6,635) million, with retained earnings at 324,415million[38].−Thecompanyhad16,116,915commonsharesoutstandingasofApril29,2023,reflectingadecreasefrom16,158,494sharesatthebeginningoftheyear[38].−Thecompanyexcluded272,000sharesofnonvestedrestrictedstockfromthedilutedearningspersharecalculationforQ12024[40].CashRequirementsandCommitments−Thecompany’scashrequirementsprimarilyconsistofinventorypurchases,capitalexpenditures,andoperationalneeds[47].−Contractualcommitmentsforoperatingleasestotaled324,415 million[38]. - The company had 16,116,915 common shares outstanding as of April 29, 2023, reflecting a decrease from 16,158,494 shares at the beginning of the year[38]. - The company excluded 272,000 shares of nonvested restricted stock from the diluted earnings per share calculation for Q1 2024[40]. Cash Requirements and Commitments - The company’s cash requirements primarily consist of inventory purchases, capital expenditures, and operational needs[47]. - Contractual commitments for operating leases totaled 229.9 million, with $41.1 million due within the next 12 months[47]. Accounting and Reporting - The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and reflect all necessary adjustments for fair presentation[39]. - The operating results for Q1 2024 may not be indicative of the full fiscal year due to seasonality and economic uncertainty[39].