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- Citi Trends Inc CTRN reported second-quarter FY21 sales growth of 29.8% compared to Q2 FY19, to $237.3 million, beating the analyst consensus of $227.21 million.
- The company reported operating results for Q2 2021 relative to Q2 2019 to provide a normalized comparison of performance since Q2 2020 included significant favorable one-time expense reductions related to COVID-19.
- Comparable store sales increased 25.6% over Q2 FY19.
- The gross margin increased 350 bps to 40.8% against Q2 FY19.
- The operating margin was 6.9%, and operating income for the quarter was $16.4 million.
- The company held $76.8 million in cash and equivalents as of July 31, 2021.
- EPS of $1.36 beat the analyst consensus of $0.43.
- Citi Trends board authorized a $30.0 million share repurchase program. At the end of Q2, $20.9 million remained available under the existing authorization.
- Outlook: Citi Trends sees FY21 sales of $990 million - $1.01 billion (prior $970 million - $990 million) versus the consensus of $983.72 million.
- The company expects FY21 EPS of $6.30 - $6.50 (prior $4.55 - $4.75) versus the consensus of $4.87.
- Price Action: CTRN shares are trading higher by 3.70% at $81.96 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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