US retailer Citi Trends' sales up 3.7% to $186.3 mn in Q1 FY24

The company reported an operating loss of $7 million for the quarter, or $5.6 million as adjusted, showing an improvement from the operating loss of $9.5 million, or $7.9 million as adjusted, in Q1 FY23. The adjusted EBITDA loss was $0.8 million, compared to an adjusted loss of $3.2 million in the previous year's first quarter.

The net loss per share for Q1 FY24 was $0.42, or $0.32 as adjusted, a notable improvement from the net loss per share of $0.81, or $0.66 as adjusted, in Q1 FY23. The company exited Q1 FY24 with a 4 per cent increase in inventory compared to Q1 FY23, the company said in a press release.

ALCHEMPro News Desk (DP)