US retailer Citi Trends reports 3.7% sales growth in Q1.

Citi Trends saw a 3.7% increase in total sales to $186.3 million in Q1 FY24, with comparable store sales up by 3.1%. The gross margin improved to 38.7%, leading to an operating loss of $7 million ($5.6 million adjusted) and an adjusted EBITDA loss of $0.8 million. Net loss per share improved to $0.42 (| $0.32 adjusted) compared to Q1 FY23. Citi Trends, a US-based value fashion retailer, saw total sales of $186.3 million in Q1 FY24, up 3.7% from Q1 FY23. Comparable store sales rose by 3.1% on a shifted 13-week basis. Gross margin improved to 38.7% from 36.7% in Q1 FY23. The company reported an operating loss of $7 million, or $5.6 million adjusted, an improvement from $9.5 million in Q1 FY23. Adjusted EBITDA loss was $0.8 million, down from $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, an improvement from the previous year. The company reported a 4% increase in inventory compared to Q1 FY23 as stated in a press release.