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<p class="has-drop-cap">Citi Trends, Inc. (NASDAQ: CTRN), a specialty value retailer that focuses on apparel, accessories, and home trends for less and particularly caters to African American and multicultural families in the United States, has shared its financial performance for the <a href="https://ir.cititrends.com/news-releases/news-release-details/citi-trends-announces-fourth-quarter-and-fiscal-2023-results" target="_blank" aria-label="fourth quarter and fiscal year 2023 (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">fourth quarter and fiscal year 2023</a>.</p>
<h3 id="citi-trends-reports-215-2-million-in-total-sales-for-fiscal-q4">Citi Trends Reports $215.2 Million in Total Sales for Fiscal Q4</h3>
<p>In the fourth quarter of fiscal 2023, Citi Trends reported total sales of $215.2 million, marking a 2.7% increase compared to the same period in the previous year. <br><br>This growth is notable, considering it includes the contribution of an additional week, adding $11.2 million to the total sales figure. However, when looking at comparable store sales on a 13-week to 13-week basis, there was a decrease of 1.5% compared to the fourth quarter of 2022. The gross margin slightly declined to 39.1% from 39.5% in the previous year’s corresponding quarter.</p>
<p>Operating income for the quarter was reported at $3.9 million, or $5.1 million on an adjusted basis, a downturn from $7.4 million in Q4 2022, or $7.5 million when adjusted. <br><br>Net income also decreased to $3.6 million, or $4.4 million as adjusted, down from $6.6 million or $6.8 million in the prior year. These adjustments reflect the company’s efforts to present a clearer picture of its operating performance by excluding one-time events and other non-recurring costs</p>
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<h3 id="citi-trends-falls-short-of-expectations-in-fiscal-q4-reports-0-53-eps">Citi Trends Falls Short of Expectations in Fiscal Q4, Reports $0.53 EPS</h3>
<p>Compared to the expectations set for the fourth quarter, Citi Trends’ financial outcomes revealed a mixed picture. Analysts had anticipated an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">EPS</a> of $0.80 and revenue of $216.24 million. The company fell short of these projections, reporting an adjusted diluted EPS of $0.53 and total sales of $215.2 million. <br><br>Although it nearly met the sales forecast, the EPS lagged significantly behind expectations. This discrepancy underscores operational efficiency and cost management challenges that may have impacted profitability more than anticipated.</p>
<h3 id="citi-trends-expects-gross-margin-to-expand-75-to-100-basis-points-in-fiscal-2024">Citi Trends Expects Gross Margin to Expand 75 to 100 Basis Points in Fiscal 2024</h3>
<p>Looking ahead, Citi Trends has provided an optimistic outlook for fiscal 2024. The company expects a mid-single-digit increase in comparable store sales, suggesting confidence in its ability to attract and retain customers and achieve sales growth. <br><br>Gross margin is projected to expand by approximately 75 to 100 basis points, benefiting from enhanced ERP system capabilities and leverage on freight expenses. Operating expenditures are anticipated to rise by about 2.5% to 3.0%, attributed mainly to incentive compensation.</p>
<p>The company has also outlined its strategic initiatives for the coming year, including the opening of up to five new stores, remodeling approximately 40 stores, and closing 10 to 15 underperforming locations. These efforts are part of Citi Trends’ ongoing optimization of its store fleet. Additionally, total capital expenditures are expected to be around $20 million for the year.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/citi-trends-ctrn-plans-overhaul-after-1-5-drop-in-comparable-sales-for-q4/">Citi Trends (CTRN) Plans Overhaul After 1.5% Drop in Comparable Sales for Q4</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Citi Trends (CTRN) Plans Overhaul After 1.5% Drop in Comparable Sales for Q4

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