Citi Trends, Inc. (NASDAQ:CTRN) shares are trading lower premarket Tuesday after the company reported second-quarter results.
The company reported quarterly sales of $176.6 million, which increased by 1.7% Y/Y, missing the Wall Street consensus of $179.13 million.
Gross margin stood at 31.1%, compared to 38.2% in the same period last year. This was impacted by $9.4 million in markdowns from a strategic inventory reset and $4.0 million in shrinkage due to physical inventory results and accrual rate adjustments.
Citi Trends reported an adjusted loss per share of $1.94 vs. the consensus loss of $0.52.
The company opened one new store, closed three stores, and remodeled 15 stores, ending the quarter with 597 locations.
Citi Trends had cash of ...
