$CTRN
Citi Trends Inc

2023 Q1 Form 10-K Financial Statement

#000155837022005426 Filed on April 14, 2022

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1 2022
Revenue $209.5M $241.0M $991.6M
YoY Change -13.08% -4.34% 26.59%
Cost Of Revenue $126.7M $143.7M $584.1M
YoY Change -11.82% -0.44% 23.85%
Gross Profit $82.78M $97.32M $407.5M
YoY Change -14.94% -9.56% 30.74%
Gross Profit Margin 39.52% 40.38% 41.1%
Selling, General & Admin $70.58M $79.56M $307.6M
YoY Change -11.29% 0.37% 18.23%
% of Gross Profit 85.26% 81.76% 75.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.802M $5.175M $20.39M
YoY Change -7.21% 10.65% 5.89%
% of Gross Profit 5.8% 5.32% 5.0%
Operating Expenses $75.38M $84.74M $307.6M
YoY Change -11.04% 6.9% 18.23%
Operating Profit $7.400M $12.58M $79.52M
YoY Change -41.16% -46.93% 149.01%
Interest Expense $754.0K -$99.00K $306.0K
YoY Change -861.62% -60.57%
% of Operating Profit 10.19% -0.79% 0.38%
Other Income/Expense, Net
YoY Change
Pretax Income $8.154M $12.48M $79.24M
YoY Change -34.65% -47.26% 152.4%
Income Tax $1.517M $2.639M $17.00M
% Of Pretax Income 18.6% 21.15% 21.46%
Net Earnings $6.637M $9.839M $62.24M
YoY Change -32.54% -45.34% 159.57%
Net Earnings / Revenue 3.17% 4.08% 6.28%
Basic Earnings Per Share $6.98
Diluted Earnings Per Share $0.81 $1.155M $6.91
COMMON SHARES
Basic Shares Outstanding 8.912M
Diluted Shares Outstanding 9.013M

Balance Sheet

Concept 2023 Q1 2022 Q1 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.5M $49.79M $49.79M
YoY Change 107.87% -59.59% -59.59%
Cash & Equivalents $49.79M $49.79M $49.79M
Short-Term Investments
Other Short-Term Assets $13.59M $15.00M $15.00M
YoY Change -9.37% -13.81% -13.81%
Inventory $105.8M $123.8M $123.8M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $222.9M $192.6M $192.6M
YoY Change 15.72% -21.21% -21.19%
LONG-TERM ASSETS
Property, Plant & Equipment $317.3M $75.28M $277.1M
YoY Change 321.48% 18.53% 13.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.076M $1.317M $4.309M
YoY Change 209.49% 71.26% -38.44%
Total Long-Term Assets $321.4M $281.4M $281.4M
YoY Change 14.2% 12.5% 12.48%
TOTAL ASSETS
Total Short-Term Assets $222.9M $192.6M $192.6M
Total Long-Term Assets $321.4M $281.4M $281.4M
Total Assets $544.3M $474.0M $474.0M
YoY Change 14.82% -4.16% -4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $80.67M $98.88M $98.88M
YoY Change -18.42% 16.56% 16.6%
Accrued Expenses $79.54M $14.53M $88.23M
YoY Change 447.34% -12.42% -5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.6M $187.5M $187.5M
YoY Change -14.36% 2.53% 2.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $217.3M $2.104M $170.4M
YoY Change 10226.09% -7.96% 15.06%
Total Long-Term Liabilities $217.3M $2.104M $170.4M
YoY Change 10226.09% -7.96% 15.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $160.6M $187.5M $187.5M
Total Long-Term Liabilities $217.3M $2.104M $170.4M
Total Liabilities $377.8M $357.9M $357.9M
YoY Change 5.57% 8.13% 8.12%
SHAREHOLDERS EQUITY
Retained Earnings $331.1M $272.2M
YoY Change 21.64% 29.65%
Common Stock $102.6M $101.2M
YoY Change 1.39% 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $267.2M $257.2M
YoY Change 3.89% 81.23%
Treasury Stock Shares $7.473M
Shareholders Equity $166.4M $116.1M $116.1M
YoY Change
Total Liabilities & Shareholders Equity $544.3M $474.0M $474.0M
YoY Change 14.82% -4.16% -4.16%

Cashflow Statement

Concept 2023 Q1 2022 Q1 2022
OPERATING ACTIVITIES
Net Income $6.637M $9.839M $62.24M
YoY Change -32.54% -45.34% 159.57%
Depreciation, Depletion And Amortization $4.802M $5.175M $20.39M
YoY Change -7.21% 10.65% 5.89%
Cash From Operating Activities $28.81M $19.47M $74.32M
YoY Change 48.02% -59.36% -32.96%
INVESTING ACTIVITIES
Capital Expenditures $3.069M -$8.899M -$29.71M
YoY Change -134.49% 74.49% 74.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 $35.46M $192.0K
YoY Change -100.0% 6992.4% -99.56%
Cash From Investing Activities -$3.069M $26.56M -$29.52M
YoY Change -111.55% -677.46% -210.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.3M
YoY Change 250.83%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K -8.264M -118.2M
YoY Change -99.76% -50.51% 244.58%
NET CHANGE
Cash From Operating Activities 28.81M 19.47M 74.32M
Cash From Investing Activities -3.069M 26.56M -29.52M
Cash From Financing Activities -20.00K -8.264M -118.2M
Net Change In Cash 25.72M 37.77M -73.39M
YoY Change -31.88% 41.97% -171.08%
FREE CASH FLOW
Cash From Operating Activities $28.81M $19.47M $74.32M
Capital Expenditures $3.069M -$8.899M -$29.71M
Free Cash Flow $25.74M $28.37M $104.0M
YoY Change -9.24% -46.48% -18.64%

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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><b style="font-family:'Helvetica';font-size:9.5pt;font-weight:bold;">1. Organization and Business</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0.05pt;"><span style="font-family:'Helvetica';font-size:9.5pt;">Citi Trends, Inc. and its subsidiary (the “Company”) is a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States. As of January 29, 2022, the Company operated </span><span style="font-family:'Helvetica';font-size:9.5pt;">609</span><span style="font-family:'Helvetica';font-size:9.5pt;"> stores in urban, suburban and rural markets in </span><span style="font-family:'Helvetica';font-size:9.5pt;">33</span><span style="font-family:'Helvetica';font-size:9.5pt;"> states.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Helvetica';font-size:9.5pt;">Since early 2020, the global economy has been affected by COVID-19. The COVID-19 pandemic has caused, and may continue to cause, significant volatility and disruptions in the Company’s business</span><span style="font-family:'Helvetica';font-size:9.5pt;">, including the temporary closure of stores and limited store operating hours, reduced customer traffic and consumer spending, and delays in the manufacturing and shipping of products. Certain government actions to </span><span style="font-family:'Helvetica';font-size:9.5pt;">gradually ease restrictions, provide economic stimulus and distribute vaccines have resulted in signs of economic recovery. However, t</span><span style="font-family:'Helvetica';font-size:9.5pt;">he Company</span><span style="font-family:'Helvetica';font-size:9.5pt;"> cannot reasonably predict the extent to which our future business will be impacted by the pandemic. </span></p>
CY2022Q1 us-gaap Number Of Stores
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CY2022 us-gaap Fiscal Period
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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Helvetica';font-size:9.5pt;font-style:italic;font-weight:bold;">Fiscal Year</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;min-height:1.15pt;margin:0pt 0pt 8pt 0.05pt;"><span style="font-family:'Helvetica';font-size:9.5pt;">The Company’s fiscal year ends on the Saturday closest to January 31 of each year. The years ended January 29, 2022, January 30, 2021 and February 1, 2020 are referred to as fiscal 2021, fiscal 2020 and fiscal 2019, respectively, in the accompanying consolidated financial statements. Fiscal 2021, 2020 and 2019 are all comprised of </span><span style="font-family:'Helvetica';font-size:9.5pt;">52</span><span style="font-family:'Helvetica';font-size:9.5pt;"> weeks. </span></p>
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<p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Helvetica';font-size:9.5pt;font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Helvetica';font-size:9.5pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and apply judgments that affect the reported amounts. Actual results could differ from those estimates.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:1.15pt;margin:0pt 0pt 8pt 0pt;"><span style="font-family:'Helvetica';font-size:9.5pt;">The most significant estimates include those used in the valuation of inventory, property and equipment, self-insurance liabilities, leases and income taxes. Management periodically evaluates estimates used in the preparation of the consolidated financial statements for continued reasonableness. Appropriate adjustments, if any, to the estimates used are made prospectively.</span></p>
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