Citi Trends(CTRN) - 2025 Q1 - Quarterly Report

Financial Performance - Net sales for the thirteen weeks ended May 4, 2024, were $186.3 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 $3.4 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, compared to $0.81 for the same period in 2023[34]. - The company experienced a loss from operations of $7.0 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 $154.8 million as of May 4, 2024, from $157.7 million as of February 3, 2024[32]. - Total liabilities and stockholders' equity amounted to $484.1 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 $1.4 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 $20.0 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 $70.8 million in the first quarter of 2023[34]. - Interest income for the first quarter of 2024 was $849,000, down from $1.0 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 $9.1 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 $9.1 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 $324,415 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].