Citi Trends Gets Price Targets Cuts By Analysts After Q4 Results

Citi Trends Inc CTRN reported a decline in sales for the fourth quarter on Tuesday.

Citi Trends reported a fourth-quarter FY22 sales decline of 13.1% year-on-year to $209.46 million, beating the consensus of $208.75 million. Adjusted EPS of $0.83 beat the analyst consensus of $0.81. Comparable store sales decreased 14.4% versus last year.

Citi Trends sees Q1 sales to decline by approximately low double digits to mid-teens, with an operating loss in the quarter.

Citi Trends shares dipped 10% to close at $20.99 on Tuesday.

These analysts made changes to their price targets on Citi Trends following the release of results.

• Benchmark cut the price target on Citi Trends from $50 to $35. Benchmark analyst John Lawrence maintained a Buy rating.
• Craig-Hallum lowered the price target on Citi Trends from $29 to $20. Craig-Hallum analyst Jeremy Hamblin maintained a Hold rating.