Citi Trends Reports Net Loss of $6.6 Million in Q1 2023

Citi Trends, Inc., (CTRN) a leading retailer of urban fashion apparel and accessories, released its financial statements for the first quarter of 2023. The company reported a net loss of $6.6 million during the quarter, reflecting the challenging market conditions and the impact of the ongoing COVID-19 pandemic. Additionally, the company's revenue for the quarter decreased to $179.7 million compared to $208.2 million in the same period last year.

Financial Statements:

Citi Trends, Inc. - Condensed Consolidated Balance Sheets (Unaudited)

The condensed consolidated balance sheets of Citi Trends, Inc. highlight the company's financial position as of April 29, 2023, and January 28, 2023. The current assets totaled $219.1 million, including cash and cash equivalents of $88.7 million, inventory valued at $114.3 million, and prepaid and other current assets of $13.9 million. The company's total assets amounted to $534.4 million.