10-Q Filing

CITI TRENDS INC CIK: 1318484 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-010862`
Period End Date	20230430
Filing Date	20230607
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ctrn-20230429x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 28 Cash Flow Statement 58 Stockholders Equity 26

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$265.47M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$262.52M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	32.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.79M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$103.50M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.71M	USD	Point-in-time
Common stock, authorized shares	`CommonStockSharesAuthorized`	32.00M	shares	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.66M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.12M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.16M	shares	Point-in-time
Inventory	`InventoryNet`	$105.79M	USD	Point-in-time
Inventory	`InventoryNet`	$114.32M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.31M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$13.85M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.35M	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.98M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.20M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$615.00K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$219.08M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$222.88M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $265,473 and $262,525 as of April 29, 2023 and January 28, 2023, respectively	`PropertyPlantAndEquipmentNet`	$60.11M	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $265,473 and $262,525 as of April 29, 2023 and January 28, 2023, respectively	`PropertyPlantAndEquipmentNet`	$57.38M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$252.44M	USD	Point-in-time
Operating lease right of use assets	`OperatingLeaseRightOfUseAsset`	$257.19M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$4.39M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxAssetsNet`	$2.89M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.18M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.13M	USD	Point-in-time
Total assets	`Assets`	$544.26M	USD	Point-in-time
Total assets	`Assets`	$534.43M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$90.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$80.67M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$52.66M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$47.78M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$16.05M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$14.99M	USD	Point-in-time
Accrued compensation	`AccruedEmployeeBenefitsCurrent`	$10.82M	USD	Point-in-time
Accrued compensation	`AccruedEmployeeBenefitsCurrent`	$8.49M	USD	Point-in-time
Layaway deposits	`DeferredIncome`	$912.00K	USD	Point-in-time
Layaway deposits	`DeferredIncome`	$344.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$160.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$162.19M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$214.94M	USD	Point-in-time
Noncurrent operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$209.59M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.68M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.32M	USD	Point-in-time
Total liabilities	`Liabilities`	$374.47M	USD	Point-in-time
Total liabilities	`Liabilities`	$377.81M	USD	Point-in-time
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,116,915 shares issued as of April 29, 2023 and 16,158,494 shares issued as of January 28, 2023; 8,312,902 shares outstanding as of April 29, 2023 and 8,354,481 shares outstanding as of January 28, 2023	`CommonStockValue`	$160.00K	USD	Point-in-time
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,116,915 shares issued as of April 29, 2023 and 16,158,494 shares issued as of January 28, 2023; 8,312,902 shares outstanding as of April 29, 2023 and 8,354,481 shares outstanding as of January 28, 2023	`CommonStockValue`	$160.00K	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$102.44M	USD	Point-in-time
Paid in capital	`AdditionalPaidInCapitalCommonStock`	$102.60M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$324.42M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$331.05M	USD	Point-in-time
Treasury stock, at cost; 7,804,013 shares held as of April 29, 2023 and 7,804,013 shares held as of January 28, 2023	`TreasuryStockValue`	$267.21M	USD	Point-in-time
Treasury stock, at cost; 7,804,013 shares held as of April 29, 2023 and 7,804,013 shares held as of January 28, 2023	`TreasuryStockValue`	$267.21M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$141.18M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$116.14M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$159.96M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$166.44M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$544.26M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$534.43M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$179.69M	USD	1 Quarter
Net sales	`Revenues`	$208.22M	USD	1 Quarter
Cost of sales (exclusive of depreciation shown separately below)	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$127.01M	USD	1 Quarter
Cost of sales (exclusive of depreciation shown separately below)	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$113.66M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$71.03M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$70.81M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$4.68M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$5.45M	USD	1 Quarter
Gain on sale-leasebacks	`SaleAndLeasebackTransactionGainLossNet`	$34.92M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$39.65M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$-9.46M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.02M	USD	1 Quarter
Interest expense	`InterestExpense`	$75.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.51M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$39.58M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.37M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$-1.88M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$30.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.63M	USD	1 Quarter
Basic net income per common share	`EarningsPerShareBasic`	$-0.81	USD	1 Quarter
Basic net income per common share	`EarningsPerShareBasic`	$3.59	USD	1 Quarter
Diluted net income per common share	`EarningsPerShareDiluted`	$-0.81	USD	1 Quarter
Diluted net income per common share	`EarningsPerShareDiluted`	$3.59	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.18M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	8.41M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.18M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	8.41M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-6.63M	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$30.20M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$4.68M	USD	1 Quarter
Depreciation	`DepreciationDepletionAndAmortization`	$5.45M	USD	1 Quarter
Non-cash operating lease costs	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$12.47M	USD	1 Quarter
Non-cash operating lease costs	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$12.96M	USD	1 Quarter
Loss on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-23.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.32M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.50M	USD	1 Quarter
Insurance proceeds related to operating activities	`InsuranceProceedsFromOperatingActivities`	$794.00K	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$935.00K	USD	1 Quarter
Non-cash stock-based compensation expense	`ShareBasedCompensation`	$2.28M	USD	1 Quarter
Gain on sale-leaseback	`SaleAndLeasebackTransactionGainLossNet`	$34.92M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$8.53M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$6.49M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$874.00K	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.54M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-49.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-30.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-11.27M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.18M	USD	1 Quarter
Accrued expenses and other long-term liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-11.11M	USD	1 Quarter
Accrued expenses and other long-term liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-19.98M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.34M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-14.72M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$-1.59M	USD	1 Quarter
Income tax receivable/payable	`IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable`	$10.70M	USD	1 Quarter
Layaway deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$568.00K	USD	1 Quarter
Layaway deposits	`IncreaseDecreaseInContractWithCustomerLiability`	$580.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.05M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.88M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$8.01M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquireProductiveAssets`	$950.00K	USD	1 Quarter
Insurance proceeds related to investing activities	`InsuranceProceedsFromInvestingActivities`	$691.00K	USD	1 Quarter
Proceeds from sale-leaseback	`ProceedsFromLeasePaymentSalesTypeAndDirectFinancingLeasesInvestingActivity`	$45.51M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$38.19M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-950.00K	USD	1 Quarter
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.13M	USD	1 Quarter
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$783.00K	USD	1 Quarter
Repurchases of common stock	`PaymentsForRepurchaseOfCommonStock`	$5.32M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-783.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.44M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$11.87M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.79M	USD	1 Quarter
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.79M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$103.50M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.71M	USD	Point-in-time
Beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.66M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.79M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$103.50M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$88.71M	USD	Point-in-time
End of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.66M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$39.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$39.00K	USD	1 Quarter
Cash payments (refunds) of income taxes	`IncomeTaxesPaidNet`	$2.00K	USD	1 Quarter
Cash payments (refunds) of income taxes	`IncomeTaxesPaidNet`	$-1.21M	USD	1 Quarter
Accrual for purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.03M	USD	1 Quarter
Accrual for purchases of property and equipment	`CapitalExpendituresIncurredButNotYetPaid`	$1.65M	USD	1 Quarter

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Balances	`StockholdersEquity`	$141.18M	USD	Point-in-time
Balances	`StockholdersEquity`	$116.14M	USD	Point-in-time
Balances	`StockholdersEquity`	$159.96M	USD	Point-in-time
Balances	`StockholdersEquity`	$166.44M	USD	Point-in-time
Balances (in shares)	`CommonStockSharesIssued`	16.12M	shares	Point-in-time
Balances (in shares)	`CommonStockSharesIssued`	16.16M	shares	Point-in-time
Balances (in shares)	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time
Balances (in shares)	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time
Vesting of nonvested shares	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.00K	USD	1 Quarter
Vesting of nonvested shares	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.28M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$935.00K	USD	1 Quarter
Net share settlement of nonvested shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$783.00K	USD	1 Quarter
Net share settlement of nonvested shares	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$2.13M	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedHeldInTreasuryDuringPeriodValue`	$5.32M	USD	1 Quarter
Repurchase of common stock (in shares)	`StockRepurchasedHeldInTreasuryDuringPeriodShares`	170,000.00	shares	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$30.20M	USD	1 Quarter
Net (loss) income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-6.63M	USD	1 Quarter
Balances	`StockholdersEquity`	$141.18M	USD	Point-in-time
Balances	`StockholdersEquity`	$116.14M	USD	Point-in-time
Balances	`StockholdersEquity`	$159.96M	USD	Point-in-time
Balances	`StockholdersEquity`	$166.44M	USD	Point-in-time
Balances (in shares)	`CommonStockSharesIssued`	16.12M	shares	Point-in-time
Balances (in shares)	`CommonStockSharesIssued`	16.16M	shares	Point-in-time
Balances (in shares)	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time
Balances (in shares)	`TreasuryStockCommonShares`	7.80M	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.