Citi Trends Expects Second Half 2024 Comparable Store Sales To Be Flat To Up Low-single Digits Compared To Second Half Of Fiscal 2023
Portfolio Pulse from Benzinga Newsdesk
Citi Trends projects flat to low-single digit growth in comparable store sales for the second half of 2024 compared to 2023. Total sales are expected to decline due to a 53rd week in the previous year and store closures. The company plans to close 10-15 underperforming stores and expects a year-end cash balance of $60-70 million.
August 27, 2024 | 10:53 am
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Citi Trends expects flat to low-single digit growth in comparable store sales for H2 2024, with total sales down due to a 53rd week last year and store closures. The company plans to close 10-15 underperforming stores and expects a positive EBITDA.
The outlook for flat to low-single digit growth in comparable store sales suggests stability, but the decline in total sales due to the previous year's 53rd week and store closures could offset positive sentiment. The positive EBITDA and cash balance provide some financial stability, but the impact on stock price is likely neutral in the short term.
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