US retailer Citi Trends' sales up 3.7% to $186.3 mn in Q1 FY24

04 Jun '24

1 min read

US retailer Citi Trends' sales up 3.7% to $186.3 mn in Q1 FY24

Pic: Citi Trends

Insights

Citi Trends reported Q1 FY24 total sales of $186.3 million, up 3.7 per cent from Q1 FY23.
Comparable store sales rose by 3.1 per cent.
The gross margin improved to 38.7 per cent.
The operating loss was $7 million ($5.6 million adjusted), better than Q1 FY23.
The adjusted EBITDA loss was $0.8 million.
Net loss per share improved to $0.42 ($0.32 adjusted).

Citi Trends, a leading US-based value fashion retailer, has reported total sales of $186.3 million for the first quarter of fiscal 2024 (Q1 FY24), marking a 3.7 per cent increase from Q1 FY23. Comparable store sales, calculated on a shifted 13-week to 13-week basis, rose by 3.1 per cent compared to Q1 2023. The company's gross margin improved to 38.7 per cent, up from the reported 36.7 per cent and adjusted 37 per cent in Q1 FY23.

The company reported an operating loss of $7 million for the quarter, or $5.6 million as adjusted, showing an improvement from the operating loss of $9.5 million, or $7.9 million as adjusted, in Q1 FY23. The adjusted EBITDA loss was $0.8 million, compared to an adjusted loss of $3.2 million in the previous year's first quarter.

The net loss per share for Q1 FY24 was $0.42, or $0.32 as adjusted, a notable improvement from the net loss per share of $0.81, or $0.66 as adjusted, in Q1 FY23. The company exited Q1 FY24 with a 4 per cent increase in inventory compared to Q1 FY23, the company said in a press release.

Fibre2Fashion News Desk (DP)

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