Revenue growth has accelerated to a double-digit pace, reaching 10.9% year-over-year in 2026Q2, but this top-line expansion has not translated into consistent profitability, with operating margins remaining volatile and turning negative at -0.9% in the most recent quarter.
Citi Trends, Inc. (CTRN) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 |
|---|
| Sales/Revenue | 869.97M | 819.96M | 753.08M | 747.94M | 795.01M | 991.6M | 783.29M | 781.92M | 769.55M | 755.24M | 695.17M | 683.79M | 670.84M | 622.2M | 654.65M | 640.82M | 622.53M | 551.87M | 488.2M | 437.51M | 381.92M | 289.8M | 203.44M | 157.2M |
| Revenue Growth % | 11.15% | 8.88% | 0.69% | -5.92% | -19.82% | 26.59% | 0.18% | 1.61% | 1.9% | 8.64% | 1.66% | 1.93% | 7.82% | -4.96% | 2.16% | 2.94% | 12.8% | 13.04% | 11.59% | 14.56% | 31.78% | 42.45% | 29.42% | - |
| Cost of Goods Sold | 528.74M | 513.8M | 471.04M | 462.82M | 484.02M | 584.06M | 471.62M | 484.74M | 476.33M | 466.02M | 428.17M | 416.78M | 418.42M | 394.44M | 426.9M | 420.32M | 383.32M | 338.9M | 301.87M | 278.78M | 235.74M | 178.95M | 127.31M | 98.14M |
| COGS % of Revenue | - | 62.66% | 62.55% | 61.88% | 60.88% | 58.9% | 60.21% | 61.99% | 61.9% | 61.71% | 61.59% | 60.95% | 62.37% | 63.39% | 65.21% | 65.59% | 61.57% | 61.41% | 61.83% | 63.72% | 61.73% | 61.75% | 62.58% | 62.43% |
| Gross Profit | 341.23M | 306.16M | 282.04M | 285.12M | 310.99M | 407.53M | 311.68M | 297.19M | 293.23M | 289.22M | 267.01M | 267.01M | 252.42M | 227.76M | 227.75M | 220.5M | 239.21M | 212.97M | 186.34M | 158.73M | 146.17M | 110.85M | 76.13M | 59.05M |
| Gross Margin % | 39.22% | 37.34% | 37.45% | 38.12% | 39.12% | 41.1% | 39.79% | 38.01% | 38.1% | 38.29% | 38.41% | 39.05% | 37.63% | 36.61% | 34.79% | 34.41% | 38.43% | 38.59% | 38.17% | 36.28% | 38.27% | 38.25% | 37.42% | 37.57% |
| Gross Profit Growth % | - | 8.55% | -1.08% | -8.32% | -23.69% | 30.75% | 4.88% | 1.35% | 1.39% | 8.32% | -0% | 5.78% | 10.83% | 0% | 3.29% | -7.82% | 12.32% | 14.29% | 17.39% | 8.59% | 31.86% | 45.6% | 28.92% | - |
| Operating Expenses | 336.09M | 313.17M | 321.53M | 304.57M | 299.77M | 307.62M | 279.46M | 278.16M | 266.82M | 265.94M | 247.76M | 242.79M | 241.22M | 228.12M | 231.36M | 238.5M | 207.77M | 183.6M | 163.27M | 140.05M | 115.86M | 89.65M | 63.59M | 48.84M |
| OpEx % of Revenue | - | 38.19% | 42.7% | 40.72% | 37.71% | 31.02% | 35.68% | 35.57% | 34.67% | 35.21% | 35.64% | 35.51% | 35.96% | 36.66% | 35.34% | 37.22% | 33.37% | 33.27% | 33.44% | 32.01% | 30.34% | 30.93% | 31.26% | 31.07% |
| Selling, General & Admin | 239.12M | 313.17M | 300.17M | 284.53M | 279.18M | 307.62M | 260.2M | 259.63M | 247.94M | 247.06M | 230.67M | 224.22M | 221.04M | 206.15M | 207.41M | 207.03M | 187.23M | 165.17M | 147.01M | 127.47M | 107.53M | 89.65M | 63.59M | 48.84M |
| SG&A % of Revenue | - | 38.19% | 39.86% | 38.04% | 35.12% | 31.02% | 33.22% | 33.2% | 32.22% | 32.71% | 33.18% | 32.79% | 32.95% | 33.13% | 31.68% | 32.31% | 30.08% | 29.93% | 30.11% | 29.13% | 28.16% | 30.93% | 31.26% | 31.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 0 | 21.36M | 20.04M | 20.59M | 20.39M | 19.26M | 18.54M | 18.89M | 18.88M | 17.09M | 18.58M | 20.18M | 21.97M | 23.95M | 24.96M | 20.54M | 18.43M | 16.26M | 12.58M | 0 | 0 | 0 | 0 |
| Operating Income | 5.14M | -7.01M | -39.49M | -19.45M | 75.31M | 79.52M | 31.93M | 19.02M | 25.13M | 22.77M | 18.94M | 24.22M | 11.12M | -377K | -4.79M | -17.99M | 31.44M | 29.37M | 23.07M | 18.68M | 30.31M | 21.2M | 12.54M | 10.21M |
| Operating Margin % | 0.59% | -0.85% | -5.24% | -2.6% | 9.47% | 8.02% | 4.08% | 2.43% | 3.27% | 3.01% | 2.72% | 3.54% | 1.66% | -0.06% | -0.73% | -2.81% | 5.05% | 5.32% | 4.72% | 4.27% | 7.94% | 7.32% | 6.16% | 6.49% |
| Operating Income Growth % | - | 82.25% | -102.98% | -125.83% | -5.3% | 149.01% | 67.88% | -24.31% | 10.37% | 20.21% | -21.79% | 117.72% | 3050.4% | 92.13% | 73.39% | -157.23% | 7.05% | 27.35% | 23.48% | -38.38% | 42.95% | 69.1% | 22.84% | - |
| EBITDA | 25.26M | 11.47M | -20.67M | -464K | 95.9M | 99.91M | 51.19M | 37.56M | 44.02M | 41.65M | 36.03M | 42.79M | 31.3M | 21.6M | 19.16M | 6.96M | 51.77M | 47.8M | 39.33M | 31.26M | 38.64M | 27.29M | 17.41M | 14.24M |
| EBITDA Margin % | 2.9% | 1.4% | -2.74% | -0.06% | 12.06% | 10.08% | 6.54% | 4.8% | 5.72% | 5.51% | 5.18% | 6.26% | 4.67% | 3.47% | 2.93% | 1.09% | 8.32% | 8.66% | 8.06% | 7.15% | 10.12% | 9.42% | 8.56% | 9.06% |
| EBITDA Growth % | 545.27% | 155.51% | -4353.88% | -100.48% | -4.01% | 95.17% | 36.31% | -14.67% | 5.68% | 15.6% | -15.81% | 36.72% | 44.93% | 12.71% | 175.14% | -86.55% | 8.29% | 21.56% | 25.79% | -19.09% | 41.58% | 56.74% | 22.27% | - |
| D&A (Non-Cash Add-back) | 20.12M | 18.48M | 18.82M | 18.99M | 20.59M | 20.39M | 19.26M | 18.54M | 18.89M | 18.88M | 17.09M | 18.58M | 20.18M | 21.97M | 23.95M | 24.96M | 20.32M | 18.43M | 16.26M | 12.58M | 8.33M | 6.09M | 4.87M | 4.03M |
| EBIT | 7.16M | 5.84M | -37.02M | -15.58M | 76.34M | 79.55M | 32.17M | 19.97M | 26.48M | 23.65M | 19.51M | 24.56M | 12.91M | -290K | -4.53M | -17.75M | 31.62M | 29.78M | 25.56M | 18.68M | 32.33M | 21.2M | 12.54M | 10.21M |
| Net Interest Income | 1.98M | 1.65M | 2.15M | 3.57M | 728K | -275K | -538K | 1.42M | 1.2M | 733K | 412K | 97K | -13K | 87K | 48K | 164K | 150K | 312K | 2.19M | 0 | 1.65M | 0 | 0 | 0 |
| Interest Income | 2.33M | 1.99M | 2.47M | 3.87M | 1.03M | 31K | 238K | 1.58M | 1.35M | 883K | 571K | 339K | 187K | 281K | 260K | 243K | 174K | 404K | 2.5M | 0 | 2.01M | 0 | 0 | 0 |
| Interest Expense | 353K | 342K | 319K | 306K | 306K | 306K | 776K | 158K | 154K | 150K | 159K | 242K | 200K | 194K | 212K | 79K | 24K | 92K | 307K | 0 | 359.32K | 0 | 0 | 0 |
| Other Income/Expense | 2.36M | 12.51M | 2.15M | 3.57M | 728K | -275K | -538K | 1.42M | 1.2M | 733K | 412K | 97K | -13K | 87K | 48K | 164K | 150K | 312K | 2.19M | 1.91M | 1.65M | 546.54K | -732K | -563K |
| Pretax Income | 7.5M | 5.5M | -37.33M | -15.89M | 76.03M | 79.24M | 31.39M | 19.97M | 26.33M | 23.5M | 19.35M | 24.31M | 11.11M | -290K | -4.74M | -17.83M | 31.59M | 29.69M | 25.25M | 20.59M | 31.97M | 21.75M | 11.81M | 9.64M |
| Pretax Margin % | 0.86% | 0.67% | -4.96% | -2.12% | 9.56% | 7.99% | 4.01% | 2.55% | 3.42% | 3.11% | 2.78% | 3.56% | 1.66% | -0.05% | -0.72% | -2.78% | 5.08% | 5.38% | 5.17% | 4.71% | 8.37% | 7.51% | 5.8% | 6.14% |
| Income Tax | 154K | 296K | 5.84M | -3.91M | 17.14M | 17M | 7.42M | 3.46M | 4.95M | 8.93M | 6.02M | 8.79M | 2.14M | -754K | -2.52M | -7.82M | 10.74M | 9.97M | 7.87M | 6.38M | 10.62M | 7.55M | 4.55M | 3.73M |
| Effective Tax Rate % | 2.05% | 5.38% | -15.63% | 24.59% | 22.54% | 21.46% | 23.62% | 17.35% | 18.82% | 37.98% | 31.11% | 36.14% | 19.3% | 260% | 53.07% | 43.84% | 34% | 33.58% | 31.16% | 30.98% | 33.21% | 34.72% | 38.54% | 38.64% |
| Net Income | 7.34M | 5.21M | -43.17M | -11.98M | 58.89M | 62.24M | 23.98M | 16.5M | 21.37M | 14.57M | 13.33M | 15.53M | 8.97M | 464K | -2.23M | -10.01M | 20.85M | 19.72M | 17.38M | 14.21M | 21.35M | 14.2M | 7.26M | 5.92M |
| Net Margin % | 0.84% | 0.64% | -5.73% | -1.6% | 7.41% | 6.28% | 3.06% | 2.11% | 2.78% | 1.93% | 1.92% | 2.27% | 1.34% | 0.07% | -0.34% | -1.56% | 3.35% | 3.57% | 3.56% | 3.25% | 5.59% | 4.9% | 3.57% | 3.76% |
| Net Income Growth % | 144.11% | 112.06% | -260.38% | -120.34% | -5.38% | 159.57% | 45.29% | -22.79% | 46.66% | 9.32% | -14.14% | 73.18% | 1832.33% | 120.85% | 77.78% | -148.02% | 5.76% | 13.43% | 22.29% | -33.43% | 50.36% | 95.67% | 22.63% | - |
| Net Income (Continuing) | 7.34M | 5.21M | -43.17M | -11.98M | 58.89M | 62.24M | 23.98M | 16.5M | 21.37M | 14.57M | 13.33M | 15.53M | 8.97M | 464K | -2.23M | -10.01M | 20.85M | 19.72M | 17.38M | 14.21M | 21.35M | 14.2M | 7.26M | 5.92M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.87 | 0.63 | -5.19 | -1.46 | 7.17 | 6.91 | 2.32 | 1.41 | 1.64 | 1.03 | 0.91 | 1.03 | 0.60 | 0.03 | -0.15 | -0.69 | 1.44 | 1.36 | 1.20 | 1.00 | 1.51 | 1.08 | 0.67 | 0.55 |
| EPS Growth % | 141% | 112.14% | -255.48% | -120.36% | 3.76% | 197.84% | 64.54% | -14.02% | 59.22% | 13.19% | -11.65% | 71.67% | 1900% | 120% | 78.26% | -147.92% | 5.88% | 13.33% | 20% | -33.77% | 39.81% | 61.19% | 21.82% | - |
| EPS (Basic) | - | 0.65 | -5.19 | -1.46 | 7.17 | 6.98 | 2.33 | 1.41 | 1.64 | 1.04 | 0.91 | 1.04 | 0.60 | 0.03 | -0.15 | -0.69 | 1.44 | 1.36 | 1.21 | 1.02 | 1.57 | 1.21 | 0.78 | 0.64 |
| Diluted Shares Outstanding | 8.48M | 8.3M | 8.31M | 8.22M | 8.22M | 9.01M | 10.32M | 11.7M | 13.07M | 14.12M | 14.66M | 15.06M | 15.02M | 14.81M | 14.67M | 14.59M | 14.52M | 14.4M | 14.27M | 14.22M | 14.14M | 13.15M | 10.88M | 10.77M |
| Basic Shares Outstanding | 8.13M | 8.06M | 8.31M | 8.22M | 8.22M | 8.91M | 10.28M | 11.67M | 13.03M | 14.06M | 14.66M | 15M | 14.96M | 14.8M | 14.67M | 14.59M | 14.5M | 14.36M | 14.13M | 13.95M | 13.57M | 11.75M | 9.3M | 9.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | 3.47% | 22.81% | 19.68% | 29.04% | 26.35% | 11.57% | - | - | - | - | - | - | - | - | - | - | 18.82% | - |
Quick answers to the most common questions about buying CTRN stock.
For fiscal year 2025, Citi Trends, Inc. (CTRN) reported total revenue of $820.0M. This represents a 421.6% increase compared to $157.2M in 2003.
Citi Trends, Inc. (CTRN) is profitable, generating $5.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.6%.
Citi Trends, Inc. (CTRN) reported an operating income of $-7.0M, resulting in an operating profit margin of -0.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Citi Trends, Inc. (CTRN) generated $306.2M in gross profit for the year, representing a gross profit margin of 37.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin and profitability recovery sustainability
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Robust Comps
Citi Trends has shifted from a period of stagnation to consistent double-digit revenue growth, with the most recent four quarters showing year-over-year increases of 10.1%, 9.1%, 14.4%, and 10.9%, indicating a significant positive inflection in sales momentum.
The acceleration from near-zero growth in 2024 to consistent double-digit gains in 2025 and 2026 suggests successful execution of strategic initiatives or a favorable shift in the value-oriented consumer environment. This pattern implies the growth may be more than a one-time event, but investors should monitor whether it can be sustained against tougher year-over-year comparisons in the coming periods.
Gross Margin Recovery Remains Incomplete
While gross margins have recovered from a trough of 31.1% in 2024Q2 to a healthier 37.8% in 2025Q4, they remain below the 39.7% peak seen in 2024Q4, suggesting that the rebound in profitability from an operational low point is still in progress.
The stabilization in the 37-38% range indicates improved merchandise buying and inventory management, but it has not yet returned to the highest levels of the observed period. This implies pricing power and cost of goods sold control may still be under some pressure, a key factor to watch as the company aims to convert its sales growth into sustainable earnings.
2025 Marks a Clear Operational Inflection
The year 2025 represents a decisive turnaround point, with the company moving from persistent operating losses in 2024 to consistent, albeit modest, profitability in the first half of 2025, as evidenced by operating margins swinging from -14.1% to 3.2%.
This inflection appears driven by a combination of accelerating revenue growth and more disciplined cost control, particularly in COGS where the margin expanded significantly. The shift suggests the business model may be recalibrating to a more sustainable footing, though the return to operating losses in 2025Q3 and 2026Q2 highlights that the turnaround is not yet fully linear or secure.
Profitability Remains Tenuous and Cyclical
Despite recent progress, Citi Trends' ability to generate consistent operating profit remains questionable, as three of the last four quarters have reported operating losses, raising concerns about the sustainability of the inflection.
The pattern of alternating profitable and unprofitable quarters suggests the company's cost structure is still highly sensitive to revenue levels, indicating weak operating leverage. Furthermore, while gross margins have improved, the company's operating margins are still well below those of stronger peers like Ross Stores (11.9%) and Burlington (7.3%), implying it may lack the scale or brand power to achieve durable profitability in the current competitive landscape.
Operating Leverage Appears Minimal
The relationship between gross profit and operating income shows inconsistent conversion, with operating income remaining negative or barely positive even as gross profit has increased, suggesting a lack of scalable overhead efficiency.
For example, gross profit in 2026Q1 was $87.1M compared to $87.0M in 2025Q4, yet operating income was similar. This indicates that incremental revenue is not flowing down to operating profit in a meaningful way, likely due to a relatively fixed SG&A burden. The data warrants further investigation into the composition of SG&A and its flexibility in periods of lower sales.