CTRN - Citi Trends Down After Q1 Results - Here's Why | Benzinga
Citi Trends, Inc. (NASDAQ:CTRN) shares are trading lower in the premarket session on Tuesday after reporting mixed first-quarter results and revised full year 2024 outlook.
The company reported quarterly sales of $186.3 million, which increased by 3.7% year over year. However, sales missed the Wall Street view of $187.37 million.
Citi Trends closed three stores and remodeled 20 stores to end the quarter with 599 locations.
“We are mindful of the challenging economic environment for the lower-income consumer,” said Interim Chief Executive Officer Ken Seipel.
The company registered comparable sales growth of 3.1%, with gross margin at 38.7%. “The quarter was further highlighted ...