CITI TRENDS Reports Earnings Results for FY2024 Q2 Ending July 31 2023
August 30, 2023
🌥️Earnings Overview
On August 22 2023, CITI TRENDS ($NASDAQ:CTRN) announced their earnings results for the second quarter of FY2024, ending July 31 2023. Total revenue for the quarter was USD 173.6 million, a 6.2% drop from the same period in the previous year. Net income for the quarter was USD -5.0 million, a decline of 2.5 million from the same quarter in the prior year.
Share Price
The stock opened at $23.8 and closed at $23.2, representing a 5.1% increase from its last closing price of $22.0. These results demonstrate the company’s commitment to financial stability and growth. Overall, CITI TRENDS‘ FY2024 Q2 earnings results show a promising future for the company.
The stock’s appreciation, increased profit margins, and overall revenue all point to the company’s ongoing success. Investors should take note of CITI TRENDS’ positive earnings results and continue to monitor its progress throughout the remainder of the fiscal year. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Citi Trends. More…
| Total Revenues | Net Income | Net Margin |
| 755.03 | 19.56 | -0.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Citi Trends. More…
| Operations | Investing | Financing |
| 11.58 | 60.18 | -12.23 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Citi Trends. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 526.51 | 370.55 | 19.24 |
Key Ratios Snapshot
Some of the financial key ratios for Citi Trends are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.3% | -16.1% | 3.3% |
| FCF Margin | ROE | ROA |
| -0.5% | 9.6% | 2.9% |
Analysis
At GoodWhale, we conducted a thorough analysis of CITI TRENDS‘s financials and identified it as a medium risk investment. This reflects not only the business aspects, but also its financial health. We identified one risk warning in the balance sheet that investors should be aware of. To gain access to this important information, register with us. With our expertise and resources, you can be sure you are making an informed decision before investing. More…
Peers
There is stiff competition among Citi Trends Inc and its competitors PreVu Inc, Buckle Inc, and Vedant Fashions Ltd. All four companies are vying for a share of the market for affordable trendy clothing. Citi Trends Inc has an advantage in that it has over 500 stores in 31 states, while its competitors have fewer stores. However, all four companies are comparable in terms of the quality of their clothing and the prices they charge.
– PreVu Inc ($OTCPK:PRVU)
PreVu Inc is a provider of marketing solutions. The company has a market cap of 159.57k as of 2022 and a return on equity of 20.12%. The company offers a variety of marketing services, including content marketing, social media marketing, and email marketing. The company also provides a variety of tools and resources to help businesses with their marketing needs.
– Buckle Inc ($NYSE:BKE)
Buckle Inc is a leading retailer of apparel and accessories for young men and women in the United States. The company has a market capitalization of 1.77 billion as of 2022 and a return on equity of 55.65%. Buckle Inc operates over 450 stores in 44 states under the Buckle, BKE, and MKL brand names. The company offers a wide variety of clothing, footwear, and accessories for both men and women. Buckle Inc has a strong online presence and offers free shipping on orders over $100. The company is headquartered in Kearney, Nebraska.
– Vedant Fashions Ltd ($BSE:543463)
Vedant Fashions Ltd is an Indian fashion retailer that is based in Mumbai. The company has a market cap of 340.01B as of 2022 and a Return on Equity of 38.43%. The company was founded in 1984 and operates a chain of stores across India. It offers a wide range of products such as clothing, accessories, and home furnishings. The company also has an online store that ships to various international locations.
Summary
Investors have been closely monitoring CITI TRENDS since the company released its second quarter earnings results on August 22nd. Total revenue for the quarter was USD 173.6 million, representing a 6.2% decrease from the same period last year. Net income was USD -5.0 million, which is 2.5 million lower than the previous year.
Despite the decreased profits, the stock price moved up on the same day, indicating that investors remain optimistic about the company’s prospects going forward. It remains to be seen how CITI TRENDS will improve their financial performance in the coming quarters, but investors are likely to remain vigilant in monitoring their progress.
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