Citi Trends reports modest sales increase in Q2 fiscal 2024 amid strategic inventory reset
Citi Trends executed a strategic inventory reset in Q2 2024, leading to a 31.1% gross margin, down from 38.2% the previous year. This reset included $9.4 million in markdowns and $4.0 million in shrink, as the company focused on fresher product assortments and bolstered shrink control measures to enhance profitability.