Citi Trends Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Citi Trends Inc. has submitted its 2024 Form 10-K detailing its fiscal year-end financial performance and operational information.</b>

AI Summary

Citi Trends Inc (CTRN) filed a Annual Report (10-K) with the SEC on April 18, 2024. Citi Trends Inc. filed its annual report on Form 10-K for the fiscal year ended February 3, 2024. The filing covers the company's financial performance and business operations. Key financial statement details and disclosures are included. The report details various asset and liability accounts as of February 3, 2024. Information on equity accounts, including retained earnings and additional paid-in capital, is provided for fiscal years ending 2021-2024.

Why It Matters

For investors and stakeholders tracking Citi Trends Inc, this filing contains several important signals. This 10-K filing provides investors and analysts with the official year-end financial statements and disclosures for Citi Trends Inc., crucial for evaluating the company's performance and financial health. The detailed information on assets, liabilities, and equity allows for a comprehensive understanding of the company's balance sheet and its financial position as of February 3, 2024.

Risk Assessment

Risk Level: low — Citi Trends Inc shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and disclosures within the 10-K to assess Citi Trends Inc.'s financial performance and identify any trends or risks.

Key Numbers

• 2024-02-03 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-18 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-41886 — SEC File Number (The SEC file number assigned to Citi Trends Inc.)
• 5600 — SIC Code (Standard Industrial Classification code for Apparel & Accessory Stores.)

Key Players & Entities

• Citi Trends Inc. (company) — Filer of the 10-K report.
• 2024-02-03 (date) — Fiscal year end date.
• 2024-04-18 (date) — Filing date of the report.
• 0001318484 (company) — Central Index Key for Citi Trends Inc.
• Savannah, GA (location) — Business and mailing address city and state.

FAQ

Industry Context

Citi Trends Inc. operates in the retail apparel and accessory stores sector, characterized by consumer spending trends and fashion cycles.

Regulatory Implications

The filing adheres to the reporting requirements of the Securities Exchange Act of 1934, ensuring transparency for public investors.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous fiscal year.
2. Review any disclosed notes to the financial statements for further details on accounting policies and significant transactions.
3. Compare key financial metrics presented in this 10-K with historical data to identify performance trends.

Key Dates

• 2024-02-03: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-18: 10-K Filing Date — The date Citi Trends Inc. officially submitted its annual report.

Year-Over-Year Comparison

This filing is the 2024 Form 10-K, representing the company's annual financial disclosure for the most recent fiscal year.

Key Financial Figures

• $0.01 — acticable date: Common Stock, par value $0.01 per share, 8,536,956 shares outstanding
• $38,000 — nnual household income of approximately $38,000. We strive to provide our customers wit

Filing Documents

• ctrn-20240203x10k.htm (10-K) — 1962KB
• ctrn-20240203xex21d1.htm (EX-21.1) — 12KB
• ctrn-20240203xex23d1.htm (EX-23.1) — 6KB
• ctrn-20240203xex31d1.htm (EX-31.1) — 18KB
• ctrn-20240203xex31d2.htm (EX-31.2) — 49KB
• ctrn-20240203xex32d1.htm (EX-32.1) — 10KB
• ctrn-20240203xex32d2.htm (EX-32.2) — 22KB
• ctrn-20240203xex97d1.htm (EX-97.1) — 75KB
• ctrn-20240203x10k001.jpg (GRAPHIC) — 33KB
• 0001558370-24-005294.txt (&nbsp;) — 7104KB
• ctrn-20240203.xsd (EX-101.SCH) — 39KB
• ctrn-20240203_cal.xml (EX-101.CAL) — 63KB
• ctrn-20240203_def.xml (EX-101.DEF) — 134KB
• ctrn-20240203_lab.xml (EX-101.LAB) — 410KB
• ctrn-20240203_pre.xml (EX-101.PRE) — 275KB
• ctrn-20240203x10k_htm.xml (XML) — 1105KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 20 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 24 Item 7. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 25 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 31 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48 Item 9A.

Controls and Procedures

Controls and Procedures 49 Item 9B. Other Information 51 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 PART III Item 10. Directors, Executive Officers and Corporate Governance 51 Item 11.

Executive Compensation

Executive Compensation 51 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 51 Item 14. Principal Accountant Fees and Services 51 PART IV Item 15. Exhibits and Financial Statement Schedules 51 Item 16. Form 10-K Summary 55 2 Table of Contents PART I Some statements in, or incorporated by reference into, this Annual Report on Form 10-K (this " Report " ) of Citi Trends, Inc. ( " Citi Trends, " " we, " " us, " or the " Company " ) may constitute " forward-looking statements " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the " Exchange Act " ). All statements other than historical facts contained in this Report, including statements regarding our future financial results and position, business policy and plans, objectives and expectations of management for future operations and capital allocation expectations, are forward-looking statements. The words " believe, " " anticipate, " " project, " " plan, " " expect, " " trend, " " estimate, " " objective, " " forecast, " " upcoming, " " goal, " " intend, " " may, " " could, " " will likely result, " or " will continue " and similar expressions, as they relate to us, are intended to identify forward-looking statements, although not all forward-looking statements contain such language. We have based these forward-looking statements largely on our current expectations and projections about future events, including, among other things: general economic conditions, including inflation, energy and fuel costs, unemployment levels, and any deterioration whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory) or other factors; changes in market interest rates and market levels of wages; impacts of natural disasters

BUSINESS

ITEM 1. BUSINESS Overview Citi Trends, Inc. ( " Citi Trends " or the " Company " ) is a leading specialty value retailer of apparel, accessories and home trends for way less spend, primarily for African American and multicultural families in the United States. Our high-quality and trend-right merchandise offerings at everyday low prices are designed to appeal to the fashion and trend preferences of value-conscious customers. Based on the strength of our brand and our experienced leadership team, we believe we have fostered deep customer loyalty and high shopping frequency in the underserved neighborhoods in which we operate. As a purpose-led brand, we strive to consistently bring our purpose – Live BOLD, Live PROUD, Respect ALL – to life for both our customers and our associates each and every day. Our stores are located primarily in neighborhoods with a concentration of low income households and serve as a " one-stop shop " for the entire family. Our stores average approximately 11,000 square feet of selling space and are typically found in outdoor community shopping centers across a variety of urban, suburban and rural markets. As of February 3, 2024, we operated 602 stores in 33 states, with a focus on delivering a memorable store experience anchored in value. 3 Table of Contents Competitive Strengths and Strategies Our goal is to be the leading specialty value retailer of apparel, accessories and home trends for African American and multicultural families with an average annual household income of approximately $38,000. We strive to provide our customers with a place that is fresh and fun for the family at prices that don ' t break the bank . We believe the following business strengths differentiate us from our competitors and are important to our success: Focus on Fashion and Trend Mix . We focus our merchandise on being fashionable and trend-right to appeal to our core customers. We do not attempt to dictate trends, but rather, we devote conside

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