Citi Trends Reports Comparable Store Sales For Quarter-To-Date Period Ending January 6, 2024, Of Down 0.3%; Reaffirms 2023 Guidance Including Expected Year End Cash Balance Of $80M-$90M
Portfolio Pulse from Benzinga Newsdesk
Citi Trends reported a slight decrease in comparable store sales of 0.3% for the quarter-to-date period ending January 6, 2024. Despite this, the company has reaffirmed its 2023 guidance, including an expected year-end cash balance of $80M-$90M. Total sales for the quarter-to-date were $179.5 million, a slight decrease from $181.9 million in the same period the previous year.
January 08, 2024 | 12:24 pm
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Citi Trends reported a marginal decline in comparable store sales but reaffirmed its 2023 financial guidance, projecting a healthy year-end cash balance.
The slight decrease in comparable store sales is typically a negative signal for retailers, but the reaffirmation of the 2023 guidance and the expected substantial year-end cash balance may offset investor concerns. The impact on the stock price is likely to be neutral in the short term as the negative and positive news may balance each other out.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100