Citi Trends Clocks 6.2% Dip In Q2 Revenues On Macro Woes
Portfolio Pulse from Nabaparna Bhattacharya
Citi Trends, Inc.'s Q2 FY23 sales decreased by 6.2% YoY to $173.55 million, beating the analyst consensus estimate of $165.57 million. The adjusted EPS loss of 60 cents also beat the analyst consensus estimate of a 97-cent loss. The company reiterated its FY23 sales guidance and plans to open five new stores, remodel 10 to 20 stores, and close 10 to 15 underperforming stores in the year. Citi Trends shares were up 7.67% at $23.73 Tuesday morning.
August 22, 2023 | 2:57 pm
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Citi Trends reported a decrease in Q2 FY23 sales but beat analyst estimates. The company's shares were up 7.67% Tuesday morning.
Despite a decrease in sales, Citi Trends beat analyst estimates, which likely contributed to the increase in the company's share price. The company's reiteration of its FY23 sales guidance may also have given investors confidence.
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