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Citi Trends Inc. (CTRN+1.43%) has submitted its Form 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing a slight decrease in net sales to $179.1 million from $179.5 million in the same quarter the previous year. The decrease is attributed to a shift in the retail calendar and net store opening and closing activity.
Cost of sales for the quarter was $107.8 million, representing 60.2% of net sales, compared to 61.8% in the same quarter of the previous year. The decrease in cost ratio is due to a reduction in shrink and other cost of sales.
Selling, general, and administrative expenses increased to $74.7 million from $69.7 million, primarily due to corporate expenses, one-time strategic initiative expenses, and a gain on insurance recorded in the previous year.
The company reported a net loss of $7.2 million for the quarter, compared to a net loss of $3.9 million in the previous year, with the decline attributed to increased expenses.
Cash used in operating activities was $32.3 million, while cash used in investing and financing activities was $7.6 million and $0.9 million, respectively.
As of November 2, 2024, Citi Trends had cash and cash equivalents of $38.9 million and no borrowings under its $75 million credit facility.
The filing also details various financial agreements, including a revolving credit facility with Bank of America, amended to replace LIBOR with SOFR.
Citi Trends did not repurchase any shares of its common stock during the first thirty-nine weeks of fiscal 2024, with $50 million remaining available under the company's stock repurchase authorization.
The company continues to focus on maintaining adequate liquidity and investing in opportunities for growth, while also monitoring economic conditions and consumer spending patterns.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Citi Trends Inc. quarterly 10-Q report dated December 11, 2024. To report an error, please email earnings@qz.com.