Citi Trends sees Q3 revenue $179.1M, consensus $178.48M

The company is announcing preliminary Q3 2024 results with sales of $179.1M and comparable store sales growth of 5.7% vs. Q3 2023. Q3 sales results are expected to be above the company’s previous outlook of second half comparable store sales results flat to up low single digits compared to prior year. Gross margin for Q3 2024 is expected to be 39.8%, an increase of 160 basis points compared to Q3 2023. Sales and gross margin results are due to improved product, better allocation methods and increased customer traffic. Q3 2024 Adjusted EBITDA is expected to be a loss of $3.3M, which includes strategic costs for in-depth customer and market research and costs to improve operational processes.