Citi Trends (CTRN) reported Q3 EPS of $0.24, $0.28 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $192.3 million versus the consensus estimate of $185.57 million.
GUIDANCE:
The Company is reiterating its guidance for the second half of 2022, as set forth in the second quarter 2022 earnings release.
- Expects low single digit increase in second half total sales compared to first half total sales
- Expects gross margin to remain in the high 30s to low 40s range for the second half
- Expects significantly less SG&A expense deleverage in the second half vs. the same period in the prior year as a result of swift expense reduction actions net of incremental lease expense from the sale-leaseback transactions
- Expects second half operating income to be approximately in line with the second half of 2019
- Expects year-end cash balance of approximately $85 million to $100 million