Citi Trends (CTRN) 10-Q 8 Dec 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 29, 2022	Nov. 30, 2022
Document and Entity Information
Document Type	10-Q
Document Period End Date	Oct. 29, 2022
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-51315
Entity Registrant Name	CITI TRENDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2150697
Entity Address, Address Line One	104 Coleman Boulevard
Entity Address, City or Town	Savannah
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31408
City Area Code	912
Local Phone Number	236-1561
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CTRN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,356,254
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001318484
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022
Current assets:
Cash and cash equivalents	$ 77,771	$ 49,788
Inventory	128,511	123,835
Prepaid and other current assets	12,903	14,997
Income tax receivable		3,987
Total current assets	219,185	192,607
Property and equipment, net of accumulated depreciation of $258,622 and $283,445 as of October 29, 2022 and January 29, 2022, respectively	60,912	75,282
Operating lease right of use assets	264,667	201,827
Deferred income taxes	873	2,992
Other assets	1,218	1,317
Total assets	546,855	474,025
Current liabilities:
Accounts payable	83,451	98,879
Operating lease liabilities	48,294	47,803
Accrued expenses	16,936	14,532
Accrued compensation	10,680	25,896
Income tax payable	2,912
Layaway deposits	1,486	364
Total current liabilities	163,759	187,474
Noncurrent operating lease liabilities	222,430	168,304
Other long-term liabilities	2,204	2,104
Total liabilities	388,393	357,882
Stockholders' equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,160,267 shares issued as of October 29, 2022 and 16,090,365 shares issued as of January 29, 2022; 8,356,254 shares outstanding as of October 29, 2022 and 8,617,210 shares outstanding as of January 29, 2022	160	159
Paid in capital	101,100	101,037
Retained earnings	324,413	272,158
Treasury stock, at cost; 7,804,013 shares held as of October 29, 2022 and 7,473,155 shares held as of January 29, 2022	(267,211)	(257,211)
Total stockholders' equity	158,462	116,143
Commitments and contingencies (Note 6)
Total liabilities and stockholders' equity	$ 546,855	$ 474,025

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022	Jan. 29, 2022
Condensed Consolidated Balance Sheets
Accumulated depreciation			$ 258,622	$ 283,445
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized shares	32,000,000	32,000,000
Common stock, shares issued			16,160,267	16,090,365
Common stock, shares outstanding			8,356,254	8,617,210
Treasury stock, shares			7,804,013	7,473,155

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Consolidated Statements of Operations
Net sales		$ 192,323	$ 227,959	$ 585,550	$ 750,621
Revenue, Product and Service [Extensible List]	us-gaap:ProductMember	us-gaap:ProductMember		us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales (exclusive of depreciation)		$ (115,741)	(136,071)	$ (357,341)	$ (440,404)
Selling, general and administrative expenses		(69,092)	(74,784)	(208,599)	(228,059)
Depreciation		(5,076)	(5,527)	(15,793)	(15,218)
Gain on sale-leaseback		29,168		64,088
Income from operations		31,582	11,577	67,905	66,940
Interest income		202	18	204	24
Interest expense		(76)	(76)	(230)	(200)
Income before income taxes		31,708	11,519	67,879	66,764
Income tax expense		(7,120)	(2,505)	(15,624)	(14,363)
Net income		$ 24,588	$ 9,014	$ 52,255	$ 52,401
Basic net income per common share		$ 3.02	$ 1.04	$ 6.34	$ 5.77
Diluted net income per common share		$ 3.02	$ 1.03	$ 6.34	$ 5.71
Weighted average number of shares outstanding
Basic		8,145,318	8,706,219	8,236,836	9,081,240
Diluted		8,145,318	8,786,887	8,236,836	9,178,565

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Operating activities:
Net income	$ 52,255	$ 52,401
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation	15,793	15,218
Non-cash operating lease costs	38,474	37,407
Loss on disposal of property and equipment	10	159
Deferred income taxes	2,119	2,277
Insurance proceeds related to operating activities	1,575	454
Non-cash stock-based compensation expense	2,271	2,883
Gain on sale-leaseback	(64,088)
Changes in assets and liabilities:
Inventory	(5,891)	(23,446)
Prepaid and other current assets	1,734	263
Other assets	99	(362)
Accounts payable	(15,572)	15,939
Accrued expenses and other long-term liabilities	(44,643)	(36,324)
Accrued compensation	(15,216)	(6,466)
Income tax receivable/payable	6,899	(6,920)
Layaway deposits	1,122	1,370
Net cash (used in) provided by operating activities	(23,059)	54,853
Investing activities:
Purchases of investment securities		(35,462)
Purchases of property and equipment	(19,218)	(20,808)
Insurance proceeds related to investing activities	1,370	192
Proceeds from sale-leaseback	81,098
Net cash provided by (used in) investing activities	63,250	(56,078)
Financing activities:
Payments of debt issuance costs		(270)
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(2,208)	(2,453)
Repurchases of common stock	(10,000)	(107,206)
Net cash used in financing activities	(12,208)	(109,929)
Net increase (decrease) in cash and cash equivalents	27,983	(111,154)
Cash and cash equivalents:
Beginning of period	49,788	123,177
End of period	77,771	12,023
Supplemental disclosures of cash flow information:
Cash paid for interest	119	109
Cash payments of income taxes	6,606	19,006
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$ 595	$ 3,192

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid in Capital	Retained Earnings	Treasury Stock	Total
Balances at Jan. 30, 2021	$ 158	$ 95,484	$ 209,918	$ (141,926)	$ 163,634
Balances (in shares) at Jan. 30, 2021	15,981,394
Balances (in shares) at Jan. 30, 2021				6,104,493
Increase (Decrease) in Stockholders' Equity
Issuance of nonvested shares under incentive plan (in shares)	17,278
Forfeiture of nonvested shares (in shares)	(3,005)
Stock-based compensation expense		1,087			1,087
Net share settlement of nonvested shares		(2,155)			(2,155)
Net share settlement of nonvested shares (in shares)	(22,666)
Repurchase of common stock				$ (45,470)	(45,470)
Repurchase of common stock (in shares)				537,496
Net income (loss)			30,897		30,897
Balances at May. 01, 2021	$ 158	94,416	240,815	$ (187,396)	147,993
Balances (in shares) at May. 01, 2021	15,973,001
Balances (in shares) at May. 01, 2021				6,641,989
Balances at Jan. 30, 2021	$ 158	95,484	209,918	$ (141,926)	163,634
Balances (in shares) at Jan. 30, 2021	15,981,394
Balances (in shares) at Jan. 30, 2021				6,104,493
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock					$ (107,206)
Repurchase of common stock (in shares)					1,273,000
Net income (loss)					$ 52,401
Balances at Oct. 30, 2021	$ 159	95,914	262,319	$ (249,132)	109,260
Balances (in shares) at Oct. 30, 2021	15,967,965
Balances (in shares) at Oct. 30, 2021				7,377,836
Balances at May. 01, 2021	$ 158	94,416	240,815	$ (187,396)	147,993
Balances (in shares) at May. 01, 2021	15,973,001
Balances (in shares) at May. 01, 2021				6,641,989
Increase (Decrease) in Stockholders' Equity
Issuance of nonvested shares under incentive plan (in shares)	4,680
Forfeiture of nonvested shares (in shares)	(6,161)
Stock-based compensation expense		814			814
Net share settlement of nonvested shares		(16)			(16)
Net share settlement of nonvested shares (in shares)	(171)
Repurchase of common stock				$ (18,907)	(18,907)
Repurchase of common stock (in shares)				214,761
Net income (loss)			12,490		12,490
Balances at Jul. 31, 2021	$ 158	95,214	253,305	$ (206,303)	142,374
Balances (in shares) at Jul. 31, 2021	15,971,349
Balances (in shares) at Jul. 31, 2021				6,856,750
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested restricted stock units	$ 1				1
Issuance of nonvested shares under incentive plan (in shares)	415
Stock-based compensation expense		982			982
Net share settlement of nonvested shares		(282)			(282)
Net share settlement of nonvested shares (in shares)	(3,799)
Repurchase of common stock				$ (42,829)	$ (42,829)
Repurchase of common stock (in shares)				521,086	521,000
Net income (loss)			9,014		$ 9,014
Balances at Oct. 30, 2021	$ 159	95,914	262,319	$ (249,132)	109,260
Balances (in shares) at Oct. 30, 2021	15,967,965
Balances (in shares) at Oct. 30, 2021				7,377,836
Balances at Jan. 29, 2022	$ 159	101,037	272,158	$ (257,211)	$ 116,143
Balances (in shares) at Jan. 29, 2022	16,090,365				16,090,365
Balances (in shares) at Jan. 29, 2022				7,473,155	7,473,155
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares	$ 1				$ 1
Issuance of nonvested shares under incentive plan (in shares)	109,157
Issuance of common stock under incentive plan, net of shares withheld for taxes (in shares)	15,977
Forfeiture of nonvested shares (in shares)	(15,761)
Stock-based compensation expense		2,277			2,277
Net share settlement of nonvested shares	$ (1)	(2,127)			(2,128)
Net share settlement of nonvested shares (in shares)	(40,345)
Repurchase of common stock				$ (5,317)	(5,317)
Repurchase of common stock (in shares)				170,436
Net income (loss)			30,203		30,203
Balances at Apr. 30, 2022	$ 159	101,187	302,361	$ (262,528)	141,179
Balances (in shares) at Apr. 30, 2022	16,159,393
Balances (in shares) at Apr. 30, 2022				7,643,591
Balances at Jan. 29, 2022	$ 159	101,037	272,158	$ (257,211)	$ 116,143
Balances (in shares) at Jan. 29, 2022	16,090,365				16,090,365
Balances (in shares) at Jan. 29, 2022				7,473,155	7,473,155
Increase (Decrease) in Stockholders' Equity
Repurchase of common stock					$ (10,000)
Repurchase of common stock (in shares)					331,000
Net income (loss)					$ 52,255
Balances at Oct. 29, 2022	$ 160	101,100	324,413	$ (267,211)	$ 158,462
Balances (in shares) at Oct. 29, 2022	16,160,267				16,160,267
Balances (in shares) at Oct. 29, 2022				7,804,013	7,804,013
Balances at Apr. 30, 2022	$ 159	101,187	302,361	$ (262,528)	$ 141,179
Balances (in shares) at Apr. 30, 2022	16,159,393
Balances (in shares) at Apr. 30, 2022				7,643,591
Increase (Decrease) in Stockholders' Equity
Issuance of nonvested shares under incentive plan (in shares)	29,938
Forfeiture of nonvested shares (in shares)	(5,379)
Stock-based compensation expense		(338)			(338)
Net share settlement of nonvested shares		(12)			(12)
Net share settlement of nonvested shares (in shares)	(527)
Repurchase of common stock				$ (4,683)	(4,683)
Repurchase of common stock (in shares)				160,422
Net income (loss)			(2,536)		(2,536)
Balances at Jul. 30, 2022	$ 159	100,837	299,825	$ (267,211)	133,610
Balances (in shares) at Jul. 30, 2022	16,183,425
Balances (in shares) at Jul. 30, 2022				7,804,013
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares	$ 1				1
Issuance of nonvested shares under incentive plan (in shares)	1,226
Forfeiture of nonvested shares (in shares)	(20,448)
Stock-based compensation expense		332			332
Net share settlement of nonvested shares		(69)			(69)
Net share settlement of nonvested shares (in shares)	(3,936)
Net income (loss)			24,588		24,588
Balances at Oct. 29, 2022	$ 160	$ 101,100	$ 324,413	$ (267,211)	$ 158,462
Balances (in shares) at Oct. 29, 2022	16,160,267				16,160,267
Balances (in shares) at Oct. 29, 2022				7,804,013	7,804,013

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Oct. 29, 2022
Significant Accounting Policies
Significant Accounting Policies	1. Significant Accounting Policies Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) is a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families. As of October 29, 2022, the Company operated 615 stores in urban, suburban and rural markets in 33 states. ​ The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (the “2021 Form 10-K”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Form 10-K. Operating results for the third quarter of 2022 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, the current economic uncertainty and the extent to which future business will be impacted by the COVID-19 pandemic. Fiscal Year The following contains references to fiscal years 2022 and 2021, which represent fiscal years ending or ended on January 28, 2023 and January 29, 2022, respectively. Fiscal 2022 and 2021 both have 52 -week accounting periods.

Cash and Cash Equivalents Conce

Cash and Cash Equivalents Concentration of Credit Risk	9 Months Ended
	Oct. 29, 2022
Cash and Cash Equivalents/Concentration of Credit Risk
Cash and Cash Equivalents/Concentration of Credit Risk	2. Cash and Cash Equivalents/Concentration of Credit Risk ​ For purposes of the condensed consolidated balance sheets and condensed consolidated statements of cash flows, the Company considers all highly liquid investments with maturities at date of purchase of three months or less to be cash equivalents. Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents. The Company places its cash and cash equivalents in what it believes to be high credit quality banks and institutional money market funds. The Company maintains cash accounts that exceed federally insured limits.

Earnings per Share

Earnings per Share	9 Months Ended
	Oct. 29, 2022
Earnings per Share
Earnings per Share	3. Earnings per Share ​ Basic earnings per common share amounts are calculated using the weighted average number of common shares outstanding for the period. Diluted earnings per common share amounts are calculated using the weighted average number of common shares outstanding plus the additional dilution for all potentially dilutive securities, such as nonvested restricted stock. During loss periods, diluted loss per share amounts are based on the weighted average number of common shares outstanding because the inclusion of common stock equivalents would be antidilutive. ​ The dilutive effect of stock-based compensation arrangements is accounted for using the treasury stock method. The Company includes as assumed proceeds the amount of compensation cost attributed to future services and not yet recognized. For the third quarter of 2022 and 2021, there were 220,000 and 38,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. For the thirty-nine weeks ended October 29, 2022 and October 30, 2021, there were 226,000 and 38,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. ​ The following table provides a reconciliation of the weighted average number of common shares outstanding used to calculate basic earnings per share to the number of common shares and common stock equivalents outstanding used in calculating diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ October 29, 2022 October 30, 2021 Weighted average number of common shares outstanding ​ 8,145,318 ​ 8,706,219 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 80,668 Weighted average number of common shares and common stock equivalents outstanding ​ 8,145,318 ​ 8,786,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-Nine Weeks Ended ​ October 29, 2022 October 30, 2021 Weighted average number of common shares outstanding ​ 8,236,836 ​ 9,081,240 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 97,325 Weighted average number of common shares and common stock equivalents outstanding ​ 8,236,836 ​ 9,178,565 ​

Revolving Credit Facility

Revolving Credit Facility	9 Months Ended
	Oct. 29, 2022
Revolving Credit Facility
Revolving Credit Facility	4. Revolving Credit Facility In October 2011, the Company entered into a five-year , $50 million credit facility with Bank of America. The facility was amended in August 2015 and May 2020 to extend the maturity dates. The facility was further amended on April 15, 2021 to modify terms and extend the maturity date to April 15, 2026. The amended facility provides a $75 million credit commitment and a $25 million uncommitted “accordion” feature that under certain circumstances could allow the Company to increase the size of the facility to $100 million. The facility is secured by the Company’s inventory, accounts receivable and related assets, but not its real estate, fixtures and equipment, and it contains one financial covenant, a fixed charge coverage ratio, which is applicable and tested only in certain circumstances. The facility has an unused commitment fee of 0.20% and permits the payment of cash dividends subject to certain limitations. Borrowings under the credit facility bear interest (a) for Eurodollar Loans, at a rate equal to the Eurodollar Rate plus either 1.25% , 1.50% or 1.75% , or (b) for Base Rate Loans, at a rate equal to the highest of (i) the prime rate, (ii) the Federal Funds Rate plus 0.5% or (iii) the Eurodollar Rate plus 1.0% , plus, in each case either 0.25% , 0.50% or 0.75% , based in any such case on the average daily availability for borrowings under the facility. ​ As of October 29, 2022, the Company had no borrowings under the credit facility and $0.6 million of letters of credit outstanding. ​

Income Taxes

Income Taxes	9 Months Ended
	Oct. 29, 2022
Income Taxes
Income Taxes	5. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. If there is a change in tax rates, the Company would recognize the impact of such change in income in the period that includes the enactment date. For the thirty-nine weeks ended October 29, 2022 and October 30, 2021, the Company utilized the annual effective tax rate method to calculate income taxes. The effective income tax rate was 23.0% for the first thirty-nine weeks of 2022, compared to 21.5% for the first thirty-nine weeks of 2021. The difference in the tax rate was due to a favorable tax impact of restricted stock vestings in the prior year. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 ("IRA"). The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate alternative minimum income tax and a 1% excise tax on corporate stock repurchases in tax years beginning after December 31, 2022. The Company is continuing to evaluate the IRA and its potential impact on future periods, and at this time the Company does not expect the IRA to have a material impact on its consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 29, 2022
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies The Company from time to time is involved in various legal proceedings incidental to the conduct of its business, including claims by customers, landlords, employees or former employees. Once it becomes probable that the Company will incur costs in connection with a legal proceeding and such costs can be reasonably estimated, the Company establishes appropriate reserves. While legal proceedings are subject to uncertainties and the outcome of any such matter is not predictable, the Company is not aware of any legal proceedings pending or threatened against it that it expects to have a material adverse effect on its financial condition, results of operations or liquidity.

Stock Repurchases

Stock Repurchases	9 Months Ended
	Oct. 29, 2022
Stock Repurchases
Stock Repurchases	7. Stock Repurchases Repurchases of Common Stock The Company periodically repurchases shares of its common stock under board-authorized repurchase programs. Such repurchases may be made in the open market, through block trades or through other negotiated transactions. Share repurchases were as follows (in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ October 29, 2022 October 30, 2021 ​ October 29, 2022 October 30, 2021 Total number of shares purchased ​ — ​ ​ 521 ​ ​ 331 ​ ​ 1,273 Average price paid per share (including commissions) $ — ​ $ 82.19 ​ $ 30.22 ​ $ 84.19 Total investment $ — ​ $ 42,829 ​ $ 10,000 ​ $ 107,206 ​ On March 15, 2022, the Company announced that its board of directors approved an additional $30 million stock repurchase program. At October 29, 2022, $50.0 million remained available under the Company’s stock repurchase authorization.

Revenue

Revenue	9 Months Ended
	Oct. 29, 2022
Revenue
Revenue	8. Revenue Revenue Recognition The Company’s primary source of revenue is derived from the sale of clothing, accessories and home trends to its customers with the Company’s performance obligations satisfied immediately when the customer pays for their purchase and receives the merchandise. Sales taxes collected by the Company from customers are excluded from revenue. Revenue from layaway sales is recognized at the point in time when the merchandise is paid for and control of the goods is transferred to the customer, thereby satisfying the Company’s performance obligation. The Company defers revenue from the sale of gift cards and recognizes the associated revenue upon the redemption of the cards by customers to purchase merchandise. ​ Sales Returns The Company allows customers to return merchandise for up to 30 days after the date of sale. Expected refunds to customers are recorded based on estimated margin using historical return information. ​ Disaggregation of Revenue The Company’s retail operations represent a single operating segment based on the way the Company manages its business. Operating decisions and resource allocation decisions are made at the Company level in order to maintain a consistent retail store presentation. The Company’s retail stores sell similar products, use similar processes to sell those products and sell their products to similar classes of customers. ​ In the following table, the Company’s revenue from sales to customers is disaggregated by “CITI” or major merchandise category. The percentage of net sales for each CITI with the merchandise assortment was approximately: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ ​ October 29, October 30, October 29, October 30, ​ ​ 2022 2021 2022 2021 ​ Ladies 26 % ​ 25 % ​ 27 % ​ 27 % ​ Kids 25 % ​ 26 % ​ 22 % ​ 22 % ​ Mens 17 % ​ 17 % ​ 18 % ​ 18 % ​ Accessories & Beauty 17 % ​ 17 % ​ 17 % ​ 17 % ​ Home & Lifestyle 8 % ​ 8 % ​ 8 % ​ 8 % ​ Footwear 7 % ​ 7 % ​ 8 % ​ 8 % ​ ​

Leases

Leases	9 Months Ended
	Oct. 29, 2022
Leases
Leases	9. Leases The Company leases its retail store locations and certain office space and equipment. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods. The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the condensed consolidated balance sheets. The lease liability is measured at the present value of future lease payments as of the lease commencement date. In April 2022, the Company completed a sale-leaseback of its distribution center in Darlington, South Carolina for net proceeds of approximately $45.5 million. The total annual rent for this property starts at approximately $3.2 million with increases of 2% annually over the 20-year lease term. The net proceeds included $5.6 million of advance funding for a capital improvement project that will be amortized over the 20-year lease term. The lease contains the option to extend for six additional periods of five years each. The transaction met the requirements for sale-leaseback accounting, resulting in a gain of approximately $34.9 million on the condensed consolidated statements of operations. The related land and property were removed from property and equipment, and an operating lease right-of-use asset and lease liability of $42.6 million and $37.0 million, respectively, were recorded in the condensed consolidated balance sheets. In September 2022, the Company completed a sale-leaseback of its distribution center in Roland, Oklahoma for net proceeds of approximately $35.6 million. The total annual rent for this property starts at approximately $2.7 million with increases of 2% annually over the 15-year lease term. The net proceeds included $0.6 million of advance funding for a capital improvement project that will be amortized over the 15-year lease term. The lease contains the option to extend for six additional periods of five years each. The transaction met the requirements for sale-leaseback accounting, resulting in a gain of approximately $29.2 million on the condensed consolidated statements of operations. The related land and property were removed from property and equipment, and an operating lease right-of-use asset and lease liability of $29.5 million and $25.8 million, respectively, were recorded in the condensed consolidated balance sheets. Total lease cost is comprised of operating lease costs, short-term lease costs and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Lease costs consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ ​ October 29, 2022 ​ October 30, 2021 ​ October 29, 2022 ​ October 30, 2021 Operating lease cost ​ $ 15,443 ​ $ 13,320 ​ $ 44,326 ​ $ 39,384 Variable lease cost ​ 2,510 ​ 2,685 ​ 7,423 ​ 8,264 Short term lease cost ​ 343 ​ 213 ​ 1,062 ​ 775 Total lease cost ​ $ 18,296 ​ $ 16,218 ​ $ 52,811 ​ $ 48,423 ​ Future minimum lease payments as of October 29, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ Fiscal Year Lease Costs Remainder of 2022 $ 11,285 ​ 2023 ​ ​ 61,742 ​ 2024 ​ 55,603 ​ 2025 ​ 45,005 ​ 2026 ​ 34,443 ​ Thereafter ​ 141,055 ​ Total future minimum lease payments ​ ​ 349,133 ​ Less: imputed interest ​ ​ (78,409) (1) Total present value of lease liabilities ​ $ 270,724 (2) ​ (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities. ​ Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-Nine Weeks Ended ​ ​ October 29, 2022 ​ October 30, 2021 Cash paid for operating leases $ 44,754 ​ $ 42,315 Right of use assets obtained in exchange for new operating lease liabilities ​ $ 95,809 ​ $ 54,263 ​ ​ ​ ​ ​ Weighted average remaining lease term (years) - operating leases ​ 8.11 ​ 5.31 Weighted average discount rate - operating leases ​ ​ 4.38% ​ ​ 2.89% ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 29, 2022
Significant Accounting Policies
Basis of Presentation	Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) is a leading specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families. As of October 29, 2022, the Company operated 615 stores in urban, suburban and rural markets in 33 states. ​ The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting and are unaudited. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The condensed consolidated balance sheet as of January 29, 2022 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 29, 2022 (the “2021 Form 10-K”). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2021 Form 10-K. Operating results for the third quarter of 2022 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, the current economic uncertainty and the extent to which future business will be impacted by the COVID-19 pandemic.
Fiscal Year	Fiscal Year The following contains references to fiscal years 2022 and 2021, which represent fiscal years ending or ended on January 28, 2023 and January 29, 2022, respectively. Fiscal 2022 and 2021 both have 52 -week accounting periods.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Oct. 29, 2022
Earnings per Share
Schedule of reconciliation of the number of average common shares outstanding used to calculate basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ October 29, 2022 October 30, 2021 Weighted average number of common shares outstanding ​ 8,145,318 ​ 8,706,219 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 80,668 Weighted average number of common shares and common stock equivalents outstanding ​ 8,145,318 ​ 8,786,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-Nine Weeks Ended ​ October 29, 2022 October 30, 2021 Weighted average number of common shares outstanding ​ 8,236,836 ​ 9,081,240 Incremental shares from assumed vesting of nonvested restricted stock ​ — ​ 97,325 Weighted average number of common shares and common stock equivalents outstanding ​ 8,236,836 ​ 9,178,565

Stock Repurchases (Tables)

Stock Repurchases (Tables)	9 Months Ended
	Oct. 29, 2022
Stockholders' Equity
Schedule of activity related to stock repurchases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ October 29, 2022 October 30, 2021 ​ October 29, 2022 October 30, 2021 Total number of shares purchased ​ — ​ ​ 521 ​ ​ 331 ​ ​ 1,273 Average price paid per share (including commissions) $ — ​ $ 82.19 ​ $ 30.22 ​ $ 84.19 Total investment $ — ​ $ 42,829 ​ $ 10,000 ​ $ 107,206

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 29, 2022
Revenue
Schedule of revenue from contracts with customers disaggregated by major product line	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ ​ October 29, October 30, October 29, October 30, ​ ​ 2022 2021 2022 2021 ​ Ladies 26 % ​ 25 % ​ 27 % ​ 27 % ​ Kids 25 % ​ 26 % ​ 22 % ​ 22 % ​ Mens 17 % ​ 17 % ​ 18 % ​ 18 % ​ Accessories & Beauty 17 % ​ 17 % ​ 17 % ​ 17 % ​ Home & Lifestyle 8 % ​ 8 % ​ 8 % ​ 8 % ​ Footwear 7 % ​ 7 % ​ 8 % ​ 8 % ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Oct. 29, 2022
Leases
Schedule of lease expense	Lease costs consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Thirty-Nine Weeks Ended ​ ​ October 29, 2022 ​ October 30, 2021 ​ October 29, 2022 ​ October 30, 2021 Operating lease cost ​ $ 15,443 ​ $ 13,320 ​ $ 44,326 ​ $ 39,384 Variable lease cost ​ 2,510 ​ 2,685 ​ 7,423 ​ 8,264 Short term lease cost ​ 343 ​ 213 ​ 1,062 ​ 775 Total lease cost ​ $ 18,296 ​ $ 16,218 ​ $ 52,811 ​ $ 48,423
Schedule of future minimum rent payments under operating leases	​ ​ ​ ​ ​ ​ Fiscal Year Lease Costs Remainder of 2022 $ 11,285 ​ 2023 ​ ​ 61,742 ​ 2024 ​ 55,603 ​ 2025 ​ 45,005 ​ 2026 ​ 34,443 ​ Thereafter ​ 141,055 ​ Total future minimum lease payments ​ ​ 349,133 ​ Less: imputed interest ​ ​ (78,409) (1) Total present value of lease liabilities ​ $ 270,724 (2) ​ (1) Calculated using the discount rate for each lease. (2) Includes short-term and long-term portions of operating lease liabilities. ​
Schedule of supplemental cash flow and other information	Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty-Nine Weeks Ended ​ ​ October 29, 2022 ​ October 30, 2021 Cash paid for operating leases $ 44,754 ​ $ 42,315 Right of use assets obtained in exchange for new operating lease liabilities ​ $ 95,809 ​ $ 54,263 ​ ​ ​ ​ ​ Weighted average remaining lease term (years) - operating leases ​ 8.11 ​ 5.31 Weighted average discount rate - operating leases ​ ​ 4.38% ​ ​ 2.89%

Significant Accounting Polici_3

Significant Accounting Policies (Details)	12 Months Ended
	Jan. 28, 2023	Jan. 29, 2022	Oct. 29, 2022 state store
Significant Accounting Policies
Number of stores operated | store			615
Number of states in which company operates | state			33
Length of fiscal year	364 days	364 days

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Weighted average number of common shares outstanding	8,145,318	8,706,219	8,236,836	9,081,240
Incremental shares from assumed vesting of nonvested restricted stock		80,668		97,325
Average number of common shares and common stock equivalents outstanding	8,145,318	8,786,887	8,236,836	9,178,565
Restricted Stock
Antidilutive securities
Shares excluded from the calculation of diluted earnings per share	220,000	38,000	226,000	38,000

Revolving Credit Facility (Deta

Revolving Credit Facility (Details) $ in Thousands	Apr. 15, 2021 USD ($) bbl / agreement	Oct. 27, 2011 USD ($)	Oct. 29, 2022 USD ($)	May 12, 2020 USD ($)
Revolving Line of Credit
Debt outstanding			$ 0
Line of Credit
Revolving Line of Credit
Term of credit facility		5 years
Maximum borrowing capacity	$ 75,000	$ 50,000
Borrowing capacity, accordion feature				$ 25,000
Maximum borrowing capacity including accordion expansion	$ 100,000
Number of covenants | bbl / agreement	1
Unused commitment fee (as a percent)	0.20%
Line of Credit | Eurodollar Rate
Revolving Line of Credit
Increase pricing for loans (as a percent)	1%
Line of Credit | Federal Fund Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Letter of Credit
Revolving Line of Credit
Debt outstanding			$ 600
First interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.25%
First interest rate | Line of Credit | Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.25%
Second interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%
Second interest rate | Line of Credit | Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Third interest rate | Line of Credit | Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.75%
Third interest rate | Line of Credit | Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.75%

Income Taxes (Details)

Income Taxes (Details)	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Income Taxes
Effective income tax rate	23%	21.50%

Stock Repurchases - Stock Repur

Stock Repurchases - Stock Repurchases (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended					9 Months Ended
	Jul. 30, 2022	Apr. 30, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021	Mar. 15, 2022
Stock Repurchases
Total number of shares purchased			521			331	1,273
Average price paid per share (including commissions)			$ 82.19			$ 30.22	$ 84.19
Total investment	$ 4,683	$ 5,317	$ 42,829	$ 18,907	$ 45,470	$ 10,000	$ 107,206
Remaining value of shares available for repurchase						$ 50,000		$ 30,000

Revenue - Returns and Disaggreg

Revenue - Returns and Disaggregation of Revenue (Details)	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Disaggregation of Revenue
Period Customers Can Return Merchandise			30 days
Ladies
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	26%	25%	27%	27%
Kids
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	25%	26%	22%	22%
Accessories & Beauty
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	17%	17%	17%	17%
Mens
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	17%	17%	18%	18%
Home & Lifestyle
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	8%	8%	8%	8%
Footwear
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	7%	7%	8%	8%

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Leases
Operating lease cost	$ 15,443	$ 13,320	$ 44,326	$ 39,384
Variable lease cost	2,510	2,685	7,423	8,264
Short term lease cost	343	213	1,062	775
Total lease cost	$ 18,296	$ 16,218	$ 52,811	$ 48,423

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Future minimum lease payments under operating leases
Remainder of 2022	$ 11,285
2023	61,742
2024	55,603
2025	45,005
2026	34,443
Thereafter	141,055
Total future minimum lease payments	349,133
Less: imputed interest	(78,409)
Total present value of lease liabilities	$ 270,724

Leases - Cash flow and other in

Leases - Cash flow and other information (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Supplemental cash flow and other information related to operating leases
Cash paid for operating leases	$ 44,754	$ 42,315
Right of use assets obtained in exchange for new operating lease liabilities	$ 95,809	$ 54,263
Weighted average remaining lease term (years) - operating leases	8 years 1 month 9 days	5 years 3 months 21 days
Weighted average discount rate - operating leases (as a percent)	4.38%	2.89%

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($) period	Apr. 30, 2022 USD ($) period	Oct. 29, 2022 USD ($)	Oct. 29, 2022 USD ($)	Jan. 29, 2022 USD ($)
Leases
Lease term			5 years	5 years
Gain on sale-leaseback			$ 29,168	$ 64,088
Operating lease right of use assets			264,667	264,667	$ 201,827
Lease liability			$ 270,724	$ 270,724
Distribution Center Darlington South Carolina [Member]
Leases
Net proceeds from sale		$ 45,500
Sale leaseback transaction, annual lease rent		$ 3,200
Sale leaseback transaction, percent of annual increase in lease rent		2%
Sale leaseback transaction, term of lease		20 years
Proceeds from advance funding for capital improvement project		$ 5,600
Sale leaseback transaction, number of additional periods | period		6
Sale leaseback transaction, renewal term		5 years
Gain on sale-leaseback		$ 34,900
Operating lease right of use assets		42,600
Lease liability		$ 37,000
Distribution Center Roland, Oklahoma
Leases
Net proceeds from sale	$ 35,600
Sale leaseback transaction, annual lease rent	$ 2,700
Sale leaseback transaction, percent of annual increase in lease rent	2%
Sale leaseback transaction, term of lease	15 years
Proceeds from advance funding for capital improvement project	$ 600
Sale leaseback transaction, number of additional periods | period	6
Sale leaseback transaction, renewal term	5 years
Gain on sale-leaseback	$ 29,200
Operating lease right of use assets	29,500
Lease liability	$ 25,800
Minimum
Leases
Extension term			1 year	1 year
Maximum
Leases
Extension term			5 years	5 years