Citi Trends Q4 Earnings Call Highlights

Gross margin in the quarter increased 20 basis points to 39.9% , driven by lower markdowns, though Plutino said results were “a bit short” of expectations due to slightly higher freight and markdowns taken to exit the quarter “clean.” Adjusted SG&A rose to $80.0 million from $76.7 million , reflecting higher store and distribution center expenses to support sales growth and $1.8 million of incremental incentive compensation. As a percentage of sales, adjusted SG&A leveraged 160 basis points to 34.7% . The c ...