The company reported an operating loss of $7 million for the quarter, or $5.6 million as adjusted, showing an improvement from the operating loss of $9.5 million, or $7.9 million as adjusted, in Q1 FY23. The adjusted EBITDA loss was $0.8 million, compared to an adjusted loss of $3.2 million in the previous year’s first quarter.
Citi Trends reported Q1 FY24 total sales of $186.3 million, up 3.7 per cent from Q1 FY23.
Comparable store sales rose by 3.1 per cent.
The gross margin improved to 38.7 per cent.
The operating loss was $7 million ($5.6 million adjusted), better than Q1 FY23.
The adjusted EBITDA loss was $0.8 million.
Net loss per share improved to $0.42 ($0.32 adjusted).
The net loss per share for Q1 FY24 was $0.42, or $0.32 as adjusted, a notable improvement from the net loss per share of $0.81, or $0.66 as adjusted, in Q1 FY23. The company exited Q1 FY24 with a 4 per cent increase in inventory compared to Q1 FY23, the company said in a press release.
Fibre2Fashion News Desk (DP)
