Citi Trends Down After Q1 Results - Here's Why
Portfolio Pulse from Nabaparna Bhattacharya
Citi Trends, Inc. (NASDAQ:CTRN) shares are trading lower after reporting mixed Q1 results and revising its FY24 outlook. The company reported a 3.7% increase in quarterly sales to $186.3 million, missing Wall Street's estimate of $187.37 million. Despite a narrower adjusted EBITDA loss and better-than-expected adjusted loss per share, the company lowered its FY24 comparable store sales outlook. CTRN shares are down 3.65% premarket.
June 04, 2024 | 12:15 pm
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Citi Trends reported mixed Q1 results with a 3.7% increase in sales to $186.3 million, missing Wall Street's estimate. The company also lowered its FY24 comparable store sales outlook, leading to a 3.65% drop in premarket trading.
The mixed Q1 results, including a sales miss and a lowered FY24 outlook, are likely to negatively impact investor sentiment in the short term. Despite some positive aspects like narrower adjusted EBITDA loss and better-than-expected adjusted loss per share, the overall outlook has been revised downward, leading to a decline in premarket trading.
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