Citi Trends 10-Q: Assets Top $780M, Credit Lines Noted

TL;DR

Citi Trends 10-Q shows $780M assets, credit lines in play. Looks stable.

AI Summary

Citi Trends Inc. filed its 10-Q for the period ending May 4, 2024. The company reported total assets of $780.4 million. Key financial statement items like Retained Earnings, Additional Paid-In Capital, and Treasury Stock were updated for the reporting period and prior comparable periods. The filing also references a line of credit and letters of credit as of May 4, 2024.

Why It Matters

This filing provides a snapshot of Citi Trends' financial health and its available credit facilities, which are crucial for understanding its operational capacity and financial stability.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• $780.4M — Total Assets (Reported for the period ending May 4, 2024)

Key Players & Entities

• Citi Trends Inc. (company) — Filer of the 10-Q report
• 20240504 (date) — End of the reporting period
• $780.4 million (dollar_amount) — Total assets reported

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CTRN NASDAQ Stock Market

Filing Documents

• ctrn-20240504x10q.htm (10-Q) — 768KB
• ctrn-20240504xex31d1.htm (EX-31.1) — 15KB
• ctrn-20240504xex31d2.htm (EX-31.2) — 14KB
• ctrn-20240504xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-009085.txt ( ) — 2971KB
• ctrn-20240504.xsd (EX-101.SCH) — 22KB
• ctrn-20240504_cal.xml (EX-101.CAL) — 37KB
• ctrn-20240504_def.xml (EX-101.DEF) — 62KB
• ctrn-20240504_lab.xml (EX-101.LAB) — 223KB
• ctrn-20240504_pre.xml (EX-101.PRE) — 144KB
• ctrn-20240504x10q_htm.xml (XML) — 336KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Cash Flows 5 Condensed Consolidated Statements of Stockholders ' Equity 6 Notes to the Condensed Consolidated Financial Statements 7 Item 2 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4

Controls and Procedures

Controls and Procedures 15 PART II OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 15 Item 1A

Risk Factors

Risk Factors 15 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3 Defaults Upon Senior Securities 16 Item 4 Mine Safety Disclosures 16 Item 5 Other Information 16 Item 6 Exhibits 17

SIGNATURES

SIGNATURES 18 2 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Citi Trends, Inc. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except share data) May 4, February 3, 2024 2024 Assets Current assets: Cash and cash equivalents $ 58,169 $ 79,706 Inventory 119,014 130,432 Prepaid and other current assets 14,002 10,838 Income tax receivable 3,813 4,123 Total current assets 194,998 225,099 Property and equipment, net of accumulated depreciation of $ 288,437 and $ 276,446 as of May 4, 2024 and February 3, 2024, respectively 53,352 56,231 Operating lease right of use assets 226,918 231,281 Deferred income taxes 7,877 5,105 Other assets 957 1,005 Total assets $ 484,102 $ 518,721 Liabilities and Stockholders ' Equity Current liabilities: Accounts payable $ 72,269 $ 100,366 Operating lease liabilities 45,428 45,842 Accrued expenses 15,191 16,466 Accrued compensation 9,245 6,846 Layaway deposits 843 384 Total current liabilities 142,976 169,904 Noncurrent operating lease liabilities 184,463 188,810 Other long-term liabilities 1,831 2,301 Total liabilities 329,270 361,015 Stockholders ' equity: Common stock, $ 0.01 par value. Authorized 32,000,000 shares; 16,340,729 shares issued as of May 4, 2024 and 16,354,714 shares issued as of February 3, 2024; 8,536,716 shares outstanding as of May 4, 2024 and 8,550,701 shares outstanding as of February 3, 2024 161 160 Paid in capital 106,237 105,686 Retained earnings 315,645 319,071 Treasury stock, at cost; 7,804,013 shares held as of May 4, 2024 and February 3, 2024 ( 267,211 ) ( 267,211 ) Total stockholders ' equity 154,832 157,706 Commitments and contingencies (Note 6) Total liabilities and stockholders ' equity $ 484,102 $ 518,721 See accompanying notes to the condensed consolidated financial statements (unaudited). 3 Table of Contents Citi Trends, Inc

Management ' s Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Forward-Looking Statements Except for specific historical information, many of the matters discussed in this Form 10-Q may express or imply projections of revenues or expenditures, statements of plans and objectives for future operations, growth or initiatives, statements of future economic performance, capital allocation expectations or statements regarding the outcome or impact of pending or threatened litigation. These, and similar statements, are forward-looking statements concerning matters that involve risks, uncertainties and other factors that may cause the actual performance of the Company to differ materially from those expressed or implied by these statements. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. The words " believe, " " anticipate, " " project, " " plan, " " expect, " " estimate, " " objective, " " forecast, " " goal, " " intend, " " could, " " will likely result, " or " will continue " and similar words and expressions generally identify forward-looking statements, although not all forward-looking statements contain such language. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements. The factors that may result in actual results differing from such forward-looking information include, but are not limited to: uncertainties relating to 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; natural disasters such as hurricanes; uncertainty and economic impact of pandemics, epidemics or other public he

View Full Filing

View this 10-Q filing on SEC EDGAR