Why it’s down more than 19% today
- Citi Trends (CTRN) stock price fell more than 19% in intraday trading today. That is why.
Citi Trends (CTRN) stock price fell more than 19% in intraday trading today. Investors are reacting to the company’s second quarter results.
Citi Trends reported Q2 EPS of $0.31, up $0.21 from analyst estimates of $0.10. And revenue for the quarter was $185 million versus the consensus estimate of $199.5 million.
The Company provides the following updated guidance for 2022, which includes the impact of the Roland Distribution Center sale-leaseback:
— Expects a low single-digit increase in total second-half sales over total first-half sales; for the full year, this represents an 8% to 10% decline from the previous forecast midpoint of $870 million
— Expects gross margin to remain in the 30-40 range for the second half
— Expects significantly less deleveraging of SG&A spending in the second half compared to the same period last year thanks to rapid measures to reduce expenses net of additional rental expenses resulting from sale-leaseback transactions
— Expects second half operating income to be approximately in line with second half of 2019
— Projects a year-end cash balance of approximately $85-100 million