Citi Trends Reiterated FY23 Sales Negative Mid Single-Digits to Negative Low Single-Digits Vs $751.17M Est; To Open 5 New Stores, Remodel 10-20 Stores and Close 10-15 Underperforming Stores
Portfolio Pulse from Benzinga Newsdesk
Citi Trends has reiterated its fiscal 2023 outlook, expecting full year total sales to be in the range of negative mid to low single-digits compared to fiscal 2022. The company plans to open 5 new stores, remodel 10-20 stores, and close 10-15 underperforming stores. Full year capital expenditures are expected to be between $15 million and $20 million, with a year-end cash balance between $85 million and $105 million.
August 22, 2023 | 10:50 am
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Citi Trends' reiterated FY23 outlook indicates a potential decrease in sales compared to FY22. The company's plan to open, remodel, and close stores could impact its stock price.
The company's outlook for FY23 indicates a potential decrease in sales, which could negatively impact investor sentiment and the stock price. Additionally, the company's plans to open, remodel, and close stores could lead to changes in operational costs and revenues, further impacting the stock price.
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IMPORTANCE 80
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