CTRN - Why Specialty Value Retailer Citi Trends Shares Are Plunging Today | Benzinga
Citi Trends Inc (NASDAQ: CTRN) shares are plunging after the company reported third-quarter earnings and updated its FY23 guidance.
The specialty value retailer reported a third-quarter sales decline of 6.7% year-on-year to $179.52 million compared to $192.32 million last year. Comparable store sales decreased 6.2%.
The gross margin of 38.2% contracted 160 basis points Y/Y. The operating loss for the quarter was $(6) million compared to an income of $31.6 million a year ago.
In Q3, the company closed 5 stores, remodeled 7, and ended the quarter with 606 stores.
Adjusted EPS loss for the quarter was $(0.56) ...