0001558370-25-011991 | 10-Q | XBRL Viewer

Leases - Cash flow and other information (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 02, 2025	Aug. 03, 2024
Supplemental cash flow and other information related to operating leases
Cash paid for operating leases	$ 30,578	$ 30,784
Right of use assets obtained in exchange for new operating lease liabilities	$ 26,675	$ 19,307
Weighted average remaining lease term (years) - operating leases	6 years 11 months 26 days	7 years 4 months 17 days
Weighted average discount rate - operating leases (as a percent)	5.87%	5.35%

Revenue (Tables)

6 Months Ended

Aug. 02, 2025

Revenue

Schedule of revenue from contracts with customers disaggregated by major product line


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2,		August 3,		August 2,		August 3,
Division	2025		2024		2025		2024
Womens	27	%	27	%	28	%	29	%
Kids	22	%	22	%	22	%	22	%
Mens	18	%	17	%	17	%	16	%
Accessories & Beauty	17	%	18	%	16	%	17	%
Home & Lifestyle	9	%	9	%	10	%	9	%
Footwear	7	%	7	%	7	%	7	%

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Jan. 31, 2026	Feb. 01, 2025	Aug. 02, 2025 state store
Significant Accounting Policies
Number of stores operated \| store			590
Number of states in which company operates \| state			33
Length of fiscal year	364 days	364 days

Leases (Details)	Aug. 02, 2025
Leases
Lease term	5 years
Minimum
Leases
Extension term	1 year
Maximum
Leases
Extension term	5 years

Stock Repurchases - Repurchases of common stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Aug. 02, 2025	Mar. 15, 2022	Nov. 30, 2021
Stock Repurchases
Total number of shares purchased	251
Average price paid per share (including commissions)	$ 25
Total investment	$ 6,315
Remaining value of shares available for repurchase	$ 40,000
Stock purchase plan authorized amount		$ 30,000	$ 30,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Paid in Capital	Retained Earnings	Treasury Stock	Total
Balances at Feb. 03, 2024	$ 160	$ 105,686	$ 319,071	$ (267,211)	$ 157,706
Balances (in shares) at Feb. 03, 2024	16,354,714
Balances (in shares) at Feb. 03, 2024				7,804,013
Increase (Decrease) in Stockholders' Equity
Grant of restricted shares (in shares)	2,811
Forfeiture of restricted shares (in shares)	(5,178)
Stock-based compensation expense		884			884
Shares withheld for settlement of employee taxes on vesting		(333)			(333)
Shares withheld for settlement of employee taxes on vesting (in shares)	(11,618)
Net income (loss)			(3,426)		(3,426)
Balances at May. 04, 2024	$ 161	106,237	315,645	$ (267,211)	154,832
Balances (in shares) at May. 04, 2024	16,340,729
Balances (in shares) at May. 04, 2024				7,804,013
Balances at Feb. 03, 2024	$ 160	105,686	319,071	$ (267,211)	157,706
Balances (in shares) at Feb. 03, 2024	16,354,714
Balances (in shares) at Feb. 03, 2024				7,804,013
Increase (Decrease) in Stockholders' Equity
Net income (loss)					(21,839)
Balances at Aug. 03, 2024	$ 162	106,407	297,232	$ (267,211)	136,590
Balances (in shares) at Aug. 03, 2024	16,419,356
Balances (in shares) at Aug. 03, 2024				7,804,013
Balances at May. 04, 2024	$ 161	106,237	315,645	$ (267,211)	154,832
Balances (in shares) at May. 04, 2024	16,340,729
Balances (in shares) at May. 04, 2024				7,804,013
Increase (Decrease) in Stockholders' Equity
Vesting of nonvested shares	$ 1				1
Grant of restricted shares (in shares)	110,870
Grant of vested shares (in shares)	16,373
Forfeiture of restricted shares (in shares)	(24,845)
Stock-based compensation expense		694			694
Shares withheld for settlement of employee taxes on vesting		(524)			(524)
Shares withheld for settlement of employee taxes on vesting (in shares)	(23,771)
Net income (loss)			(18,413)		(18,413)
Balances at Aug. 03, 2024	$ 162	106,407	297,232	$ (267,211)	136,590
Balances (in shares) at Aug. 03, 2024	16,419,356
Balances (in shares) at Aug. 03, 2024				7,804,013
Balances at Feb. 01, 2025	$ 162	108,101	275,901	$ (270,988)	$ 113,176
Balances (in shares) at Feb. 01, 2025	16,497,092				16,497,092
Balances (in shares) at Feb. 01, 2025				7,949,251	7,949,251
Increase (Decrease) in Stockholders' Equity
Grant of restricted shares (in shares)	2,089
Forfeiture of restricted shares (in shares)	(19,398)
Stock-based compensation expense		968			$ 968
Shares withheld for settlement of employee taxes on vesting		(141)			(141)
Shares withheld for settlement of employee taxes on vesting (in shares)	(6,939)
Repurchase of common stock				$ (6,315)	(6,315)
Repurchase of common stock (in shares)				250,555
Net income (loss)			871		871
Balances at May. 03, 2025	$ 162	108,928	276,772	$ (277,303)	$ 108,559
Balances (in shares) at May. 03, 2025	16,472,844				16,505,718
Balances (in shares) at May. 03, 2025				8,199,806	8,199,806
Balances at Feb. 01, 2025	$ 162	108,101	275,901	$ (270,988)	$ 113,176
Balances (in shares) at Feb. 01, 2025	16,497,092				16,497,092
Balances (in shares) at Feb. 01, 2025				7,949,251	7,949,251
Increase (Decrease) in Stockholders' Equity
Net income (loss)					$ 4,689
Balances at Aug. 02, 2025	$ 162	109,791	280,590	$ (277,303)	113,240
Balances (in shares) at Aug. 02, 2025	16,505,718
Balances (in shares) at Aug. 02, 2025				8,199,806
Balances at May. 03, 2025	$ 162	108,928	276,772	$ (277,303)	$ 108,559
Balances (in shares) at May. 03, 2025	16,472,844				16,505,718
Balances (in shares) at May. 03, 2025				8,199,806	8,199,806
Increase (Decrease) in Stockholders' Equity
Grant of restricted shares (in shares)	60,357
Forfeiture of restricted shares (in shares)	(2,620)
Stock-based compensation expense		1,483			$ 1,483
Shares withheld for settlement of employee taxes on vesting		(620)			(620)
Shares withheld for settlement of employee taxes on vesting (in shares)	(24,863)
Net income (loss)			3,818		3,818
Balances at Aug. 02, 2025	$ 162	$ 109,791	$ 280,590	$ (277,303)	$ 113,240
Balances (in shares) at Aug. 02, 2025	16,505,718
Balances (in shares) at Aug. 02, 2025				8,199,806

Revolving Credit Facility

6 Months Ended

Aug. 02, 2025

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, May 2020 and April 2021 to modify terms and extend the maturity dates. The facility was further amended on April 10, 2025 to extend the maturity date to April 10, 2030. 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 0.25% and permits the payment of cash dividends subject to certain limitations.

Borrowings under the credit facility bear interest (a) for SOFR Loans, at a rate equal to the SOFR Rate plus a SOFR adjustment equal to 0.10% plus either 1.50%, 1.75% or 2.00%, 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% and (iii) the Term SOFR Rate plus 1.0%, plus, in each case either 0.50%, 0.75% or 1.00%, based in any such case on the average daily availability for borrowings under the facility.

As of August 2, 2025, the Company had no borrowings under the credit facility and $2.2 million of letters of credit outstanding.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 03, 2024	Aug. 03, 2024
Income Taxes
Income tax benefit	$ 5,951	$ 8,724

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 02, 2025	Aug. 03, 2024	Aug. 02, 2025	Aug. 03, 2024
Condensed Consolidated Statements of Operations
Net sales	$ 190,750	$ 176,552	$ 392,478	$ 362,841
Revenue, Product and Service [Extensible Enumeration]	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember	us-gaap:ProductMember
Cost of sales (exclusive of depreciation)	$ (114,477)	$ (121,624)	$ (236,395)	$ (235,878)
Selling, general and administrative expenses	(78,905)	(73,780)	(153,792)	(147,991)
Depreciation	(4,548)	(4,782)	(8,918)	(9,576)
Asset impairment	(263)	(1,261)	(327)	(1,261)
Gain on sale of building	10,960		10,960
Income (loss) from operations	3,517	(24,895)	4,006	(31,865)
Interest income	389	611	847	1,460
Interest expense	(88)	(80)	(164)	(158)
Income (loss) before income taxes	3,818	(24,364)	4,689	(30,563)
Income tax benefit		5,951		8,724
Net income (loss)	$ 3,818	$ (18,413)	$ 4,689	$ (21,839)
Basic net earnings (loss) per common share (in dollars per share)	$ 0.48	$ (2.21)	$ 0.58	$ (2.63)
Diluted net earnings (loss) per common share (in dollars per share)	$ 0.46	$ (2.21)	$ 0.57	$ (2.63)
Weighted average number of shares outstanding
Basic (in shares)	8,033,100	8,336,629	8,033,361	8,294,593
Diluted (in shares)	8,313,841	8,336,629	8,242,148	8,294,593

Revenue

6 Months Ended

Aug. 02, 2025

Revenue

Revenue

10. Revenue

Revenue Recognition

The Company’s primary source of revenue is derived from the sale of clothing and accessories 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 contracts with customers is disaggregated by Division or product category. It also provides the percentage of net sales for each Division within the merchandise assortment.


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2,		August 3,		August 2,		August 3,
Division	2025		2024		2025		2024
Womens	27	%	27	%	28	%	29	%
Kids	22	%	22	%	22	%	22	%
Mens	18	%	17	%	17	%	16	%
Accessories & Beauty	17	%	18	%	16	%	17	%
Home & Lifestyle	9	%	9	%	10	%	9	%
Footwear	7	%	7	%	7	%	7	%

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Stock Repurchases (Tables)

6 Months Ended

Aug. 02, 2025

Stock Repurchases

Schedule of activity related to stock repurchases


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Total number of shares purchased		—		—		251		—
Average price paid per share (including commissions)	$	—	$	—	$	25	$	—
Total investment	$	—	$	—	$	6,315	$	—

Segment Reporting

6 Months Ended

Aug. 02, 2025

Segment Reporting

Segment Reporting

12. Segment Reporting

The Company is an off-price value retailer of fashion apparel, accessories and home trends primarily for African American families. The retail operations represent a single operating segment based on the way the Company manages its business. The Company’s Chief Executive Officer, as our chief operating decision maker (“CODM”), manages and allocates resources to the operations of the Company on a consolidated basis. This enables the Chief Executive Officer to assess the Company’s overall level of available resources and determine how best to deploy these resources across retail stores that are in line with the Company’s long-term company-wide strategic goals. The Company’s retail stores sell similar products, use similar processes to sell those products, and sell their products to similar classes of customers. All sales and assets are located within the United States. The CODM assesses performance based on consolidated net (loss) income that is reported on the statement of operations as part of the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel. The CODM does not review assets in evaluating results, therefore such information is not provided.

The following table summarizes the Company’s one reportable segment profit or loss, including significant segment expenses, and includes the reconciliation to consolidated net (loss) income (in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net sales	$	190,750	$	176,552	$	392,478	$	362,841
Cost of sales (exclusive of depreciation shown separately below)
Merchandising and other		(104,204)		(111,290)		(216,061)		(215,588)
Freight in and out		(10,273)		(10,334)		(20,334)		(20,290)
Selling, general, and administrative expenses
Store expenses - payroll and related expenses		(23,548)		(22,269)		(46,033)		(44,404)
Store expenses - rent		(16,770)		(16,367)		(33,097)		(33,141)
Corporate expenses - payroll and related expenses		(7,273)		(7,226)		(14,556)		(15,458)
Distribution center expenses - payroll and related expenses		(4,766)		(4,225)		(9,321)		(8,172)
Other segment expenses ⁽¹⁾		(26,548)		(23,693)		(50,785)		(46,816)
Gain on sale of building		10,960		-		10,960		-
Depreciation		(4,548)		(4,782)		(8,918)		(9,576)
Asset impairment		(263)		(1,261)		(327)		(1,261)
Interest income		389		611		847		1,460
Interest expense		(88)		(80)		(164)		(158)
Income tax (provision) benefit		-		5,951		-		8,724
Net income (loss)	$	3,818	$	(18,413)	$	4,689	$	(21,839)

⁽¹⁾ Other segment expenses represent other store, corporate and distribution center expenses including utilities, repairs, supplies, insurance, professional fees and other miscellaneous fees.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Aug. 02, 2025	Aug. 03, 2024	Aug. 02, 2025	Aug. 03, 2024
Leases
Operating lease cost	$ 15,219	$ 14,400	$ 30,386	$ 29,790
Variable lease cost	3,205	3,541	5,815	6,163
Short term lease cost	422	381	998	1,094
Total lease cost	$ 18,846	$ 18,322	$ 37,199	$ 37,047

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 02, 2025	Feb. 01, 2025
Current assets:
Cash and cash equivalents	$ 50,397	$ 61,085
Inventory	117,566	122,640
Prepaid and other current assets	19,635	10,216
Income tax receivable	1,606	3,119
Total current assets	189,204	197,060
Property and equipment, net of accumulated depreciation of $293,603 and $297,396 as of August 2, 2025 and February 1, 2025, respectively.	50,522	50,715
Operating lease right of use assets	216,420	214,148
Other assets	1,262	846
Total assets	457,408	462,769
Current liabilities:
Accounts payable	96,245	102,456
Operating lease liabilities	43,344	47,724
Accrued expenses	17,285	16,647
Accrued compensation	9,172	7,176
Layaway deposits	1,330	388
Total current liabilities	167,376	174,391
Noncurrent operating lease liabilities	174,145	172,675
Deferred Tax Liability	142	142
Other long-term liabilities	2,505	2,385
Total liabilities	344,168	349,593
Stockholders' equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,505,718 shares issued as of August 2, 2025 and 16,497,092 shares issued as of February 1, 2025; 8,305,912 shares outstanding as of August 2, 2025 and 8,547,841 shares outstanding as of February 1, 2025	162	162
Paid in capital	109,791	108,101
Retained earnings	280,590	275,901
Treasury stock, at cost; 8,199,806 shares held as of August 2, 2025 and 7,949,251 shares held as of February 1,2025	(277,303)	(270,988)
Total stockholders' equity	113,240	113,176
Commitments and contingencies (Note 6)
Total liabilities and stockholders' equity	$ 457,408	$ 462,769

Stock Repurchases

6 Months Ended

Aug. 02, 2025

Stock Repurchases

Stock Repurchases

8. Stock Repurchases

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				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Total number of shares purchased		—		—		251		—
Average price paid per share (including commissions)	$	—	$	—	$	25	$	—
Total investment	$	—	$	—	$	6,315	$	—

On November 30, 2021, the Company announced that its board of directors approved a $30 million stock repurchase program. On March 15, 2022, the Company announced that its board of directors approved an additional $30 million stock repurchase program. The programs do not have expiration dates.

At August 2, 2025, $40.0 million remained available under the Company’s stock repurchase authorization.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

Revolving Credit Facility (Details) $ in Thousands		1 Months Ended
Revolving Credit Facility (Details) $ in Thousands	Apr. 10, 2025 USD ($) agreement	Oct. 31, 2011 USD ($)	Aug. 02, 2025 USD ($)
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 \| agreement	1
Unused commitment fee (as a percent)	0.25%
Debt outstanding			$ 0
Line of Credit \| Secured Overnight Financing Rate
Revolving Line of Credit
Increase pricing for loans (as a percent)	0.10%
Line of Credit \| Federal Fund Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Line of Credit \| Eurodollar
Revolving Line of Credit
Increase pricing for loans (as a percent)	1.00%
Letter of Credit
Revolving Line of Credit
Debt outstanding			$ 2,200
First interest rate \| Line of Credit \| Eurodollar
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.50%
First interest rate \| Line of Credit \| Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.50%
Second interest rate \| Line of Credit \| Eurodollar
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.75%
Second interest rate \| Line of Credit \| Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	0.75%
Third interest rate \| Line of Credit \| Eurodollar
Revolving Line of Credit
Margin added to variable rate (as a percent)	2.00%
Third interest rate \| Line of Credit \| Federal Funds or Eurodollar Rate
Revolving Line of Credit
Margin added to variable rate (as a percent)	1.00%

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	May 03, 2025	Feb. 01, 2025
Condensed Consolidated Balance Sheets
Accumulated depreciation	$ 293,603	$ 297,396
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	16,505,718	16,497,092
Common stock, shares outstanding	8,305,912	8,547,841
Treasury stock, shares	8,199,806	7,949,251

Commitments and Contingencies

6 Months Ended

Aug. 02, 2025

Commitments and Contingencies

Commitments and Contingencies

7. 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.

Revenue - Returns and Disaggregation of Revenue (Details)	3 Months Ended		6 Months Ended
	Aug. 02, 2025	Aug. 03, 2024	Aug. 02, 2025	Aug. 03, 2024
Disaggregation of Revenue
Period of time company allows customers to return merchandise			30 days
Womens
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	27.00%	27.00%	28.00%	29.00%
Kids
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	22.00%	22.00%	22.00%	22.00%
Accessories & Beauty
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	17.00%	18.00%	16.00%	17.00%
Mens
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	18.00%	17.00%	17.00%	16.00%
Home & Lifestyle
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	9.00%	9.00%	10.00%	9.00%
Footwear
Disaggregation of Revenue
Revenue from contracts with customers disaggregated by major product line (as a percent)	7.00%	7.00%	7.00%	7.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Recent Accounting Pronouncements

6 Months Ended

Aug. 02, 2025

Recent Accounting Pronouncements

Recent Accounting Pronouncements

9. Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, “Improvement to Income Tax Disclosures (Topic 740)”, (“ASU 2023-09”) which requires additional disclosures for income tax rate reconciliations, income taxes paid, and certain other tax disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Adoption is required for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses” which requires public entities to disclose additional information that disaggregates certain expense captions into specified categories in the Notes to the consolidated financial statements. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact this standard will have on its disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 02, 2025	Aug. 03, 2024
Operating activities:
Net income (loss)	$ 4,689	$ (21,839)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	8,918	9,576
Asset impairment	327	1,261
Non-cash operating lease costs	24,340	24,605
Loss on disposal of property and equipment	158	18
Deferred income taxes		(8,610)
Non-cash stock-based compensation expense	2,451	1,578
Gain on sale of building	(10,960)
Changes in assets and liabilities:
Inventory	5,074	(4,564)
Prepaid and other current assets	(9,419)	(6,084)
Other assets	(416)	85
Accounts payable	(7,125)	10,030
Accrued expenses and other long-term liabilities	(29,602)	(21,865)
Accrued compensation	1,996	878
Income tax receivable/payable	1,513	227
Layaway deposits	942	708
Net cash used in operating activities	(7,114)	(13,996)
Investing activities:
Purchases of property and equipment	(7,705)	(5,552)
Proceeds from sale of building	11,206
Net cash provided by (used in) investing activities	3,501	(5,552)
Financing activities:
Cash used to settle withholding taxes on the vesting of nonvested restricted stock	(760)	(856)
Repurchases of common stock	(6,315)
Net cash used in financing activities	(7,075)	(856)
Net decrease in cash and cash equivalents	(10,688)	(20,404)
Cash and cash equivalents:
Beginning of period	61,085	79,706
End of period	50,397	59,302
Supplemental disclosures of cash flow information:
Cash paid for interest	98	83
Cash refunds of income taxes	(1,453)	(341)
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$ 1,688	$ 214

Significant Accounting Policies

6 Months Ended

Aug. 02, 2025

Significant Accounting Policies

Significant Accounting Policies

1. Significant Accounting Policies

Basis of Presentation

Citi Trends, Inc. and its subsidiary (the “Company”) is a leading off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States. As of August 2, 2025, the Company operated 590 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 February 1, 2025 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (the “2024 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 2024 Form 10-K. Operating results for the first half of 2025 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, and the current economic uncertainty.

Fiscal Year

The following contains references to fiscal years 2025 and 2024, which represent fiscal years ending or ended on January 31, 2026 and February 1, 2025, respectively. Fiscal 2025 and fiscal 2024 both have 52-week accounting periods.

Segment Reporting (Tables)

6 Months Ended

Aug. 02, 2025

Segment Reporting

Schedule of one reportable segment profit or loss, including significant segment expenses, and includes the reconciliation to consolidated net (loss) income


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Net sales	$	190,750	$	176,552	$	392,478	$	362,841
Cost of sales (exclusive of depreciation shown separately below)
Merchandising and other		(104,204)		(111,290)		(216,061)		(215,588)
Freight in and out		(10,273)		(10,334)		(20,334)		(20,290)
Selling, general, and administrative expenses
Store expenses - payroll and related expenses		(23,548)		(22,269)		(46,033)		(44,404)
Store expenses - rent		(16,770)		(16,367)		(33,097)		(33,141)
Corporate expenses - payroll and related expenses		(7,273)		(7,226)		(14,556)		(15,458)
Distribution center expenses - payroll and related expenses		(4,766)		(4,225)		(9,321)		(8,172)
Other segment expenses ⁽¹⁾		(26,548)		(23,693)		(50,785)		(46,816)
Gain on sale of building		10,960		-		10,960		-
Depreciation		(4,548)		(4,782)		(8,918)		(9,576)
Asset impairment		(263)		(1,261)		(327)		(1,261)
Interest income		389		611		847		1,460
Interest expense		(88)		(80)		(164)		(158)
Income tax (provision) benefit		-		5,951		-		8,724
Net income (loss)	$	3,818	$	(18,413)	$	4,689	$	(21,839)

⁽¹⁾ Other segment expenses represent other store, corporate and distribution center expenses including utilities, repairs, supplies, insurance, professional fees and other miscellaneous fees.

Earnings per Share

6 Months Ended

Aug. 02, 2025

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 the amount of compensation cost attributed to future services and not yet recognized as assumed proceeds. For the second quarter of 2025 and 2024, there were 0 and 178,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. For the twenty-six weeks ended August 2, 2025 and August 3, 2024, there were 0 and 234,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution.

The following table provides 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
	August 2, 2025	August 3, 2024
Weighted average number of common shares outstanding (basic)	8,033,100	8,336,629
Incremental shares from assumed vesting of nonvested restricted stock	280,741	—
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,313,841	8,336,629


	Twenty-Six Weeks Ended
	August 2, 2025	August 3, 2024
Weighted average number of common shares outstanding (basic)	8,033,361	8,294,593
Incremental shares from assumed vesting of nonvested restricted stock	208,787	—
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,242,148	8,294,593

Impairment of Assets

6 Months Ended

Aug. 02, 2025

Impairment of Assets

Impairment of Assets

5. Impairment of Assets

If facts and circumstances indicate that a long-lived asset or operating lease right-of-use asset may be impaired, the carrying value is reviewed. If this review indicates that the carrying value of the asset will not be recovered as determined based on projected undiscounted cash flows related to the asset over its remaining life, the carrying value of the asset is reduced to its estimated fair value. In the first half of 2025, non-cash impairment expense related to underperforming stores totaled $0.3 million, comprised of $0.2 million for leasehold improvements and fixtures and equipment, and $0.1 million for operating lease right of use assets. In the first half of 2024, non-cash impairment expense related to underperforming stores totaled $1.3 million, comprised of $0.7 million for leasehold improvements and fixtures and equipment, and $0.6 million for operating lease right of use assets.

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Aug. 02, 2025 USD ($)
Future minimum lease payments under operating leases
2025	$ 36,175
2026	56,521
2027	45,081
2028	36,281
2029	27,541
Thereafter	93,552
Total future minimum lease payments	295,151
Less: imputed interest	(77,662)
Total present value of lease liabilities	$ 217,489

Cash and Cash Equivalents/Concentration of Credit Risk

6 Months Ended

Aug. 02, 2025

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.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Aug. 02, 2025	Aug. 29, 2025
Document and Entity Information
Document Type	10-Q
Document Period End Date	Aug. 02, 2025
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	000-41886
Entity Registrant Name	CITI TRENDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2150697
Entity Address, Address Line One	17 Park of Commerce Boulevard, Suite 200
Entity Address, City or Town	Savannah
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31405
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		8,305,912
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001318484
Amendment Flag	false

Income Taxes

6 Months Ended

Aug. 02, 2025

Income Taxes

Income Taxes

6. 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 realization of the deferred tax asset is not considered more likely than not, then a valuation allowance is recorded to reduce the deferred tax asset to its net realizable value.

The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible and income tax credits may be utilized, management believes sufficient negative evidence exists to require a valuation allowance. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal, resulting in no deferred tax asset balance being recognized.

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic R&D expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. The Company expects to utilize the more favorable tax legislation in its corresponding tax filings.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Impairment of Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Impairment of Assets (Details) - USD ($) $ in Thousands	Aug. 02, 2025	Aug. 03, 2024	Aug. 02, 2025	Aug. 03, 2024
Impairment of Assets
Asset impairment	$ 263	$ 1,261	$ 327	$ 1,261
Leasehold improvements and fixtures and equipment impairment	200	700
Operating lease right-of-use asset impairment	$ 100	$ 600

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Thousands	Aug. 02, 2025 USD ($)	Aug. 03, 2024 USD ($)	Aug. 02, 2025 USD ($) segment	Aug. 03, 2024 USD ($)
Segment Reporting
Number of reportable segments \| segment			1
Net sales	$ 190,750	$ 176,552	$ 392,478	$ 362,841
Selling, general, and administrative expenses
Gain on sale of building	10,960		10,960
Depreciation	(4,548)	(4,782)	(8,918)	(9,576)
Asset impairment	(263)	(1,261)	(327)	(1,261)
Income (loss) from operations	3,517	(24,895)	4,006	(31,865)
Interest income	389	611	847	1,460
Interest expense	(88)	(80)	(164)	(158)
Income (loss) before income taxes	3,818	(24,364)	4,689	(30,563)
Income tax (provision) benefit		5,951		8,724
Net income (loss)	3,818	(18,413)	4,689	(21,839)
Single Reportable Segment
Segment Reporting
Net sales	190,750	176,552	392,478	362,841
Cost of sales (exclusive of depreciation shown separately below)
Merchandising and other	(104,204)	(111,290)	(216,061)	(215,588)
Freight in and out	(10,273)	(10,334)	(20,334)	(20,290)
Selling, general, and administrative expenses
Other segment expenses	(26,548)	(23,693)	(50,785)	(46,816)
Gain on sale of building	10,960		10,960
Depreciation	(4,548)	(4,782)	(8,918)	(9,576)
Asset impairment	(263)	(1,261)	(327)	(1,261)
Interest income	389	611	847	1,460
Interest expense	(88)	(80)	(164)	(158)
Income tax (provision) benefit		5,951		8,724
Net income (loss)	3,818	(18,413)	4,689	(21,839)
Single Reportable Segment \| Store expenses
Selling, general, and administrative expenses
Payroll and related expenses	(23,548)	(22,269)	(46,033)	(44,404)
Rent	(16,770)	(16,367)	(33,097)	(33,141)
Single Reportable Segment \| Corporate expenses
Selling, general, and administrative expenses
Payroll and related expenses	(7,273)	(7,226)	(14,556)	(15,458)
Single Reportable Segment \| Distribution center expenses
Selling, general, and administrative expenses
Payroll and related expenses	$ (4,766)	$ (4,225)	$ (9,321)	$ (8,172)

Earnings per Share (Tables)

6 Months Ended

Aug. 02, 2025

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
	August 2, 2025	August 3, 2024
Weighted average number of common shares outstanding (basic)	8,033,100	8,336,629
Incremental shares from assumed vesting of nonvested restricted stock	280,741	—
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,313,841	8,336,629


	Twenty-Six Weeks Ended
	August 2, 2025	August 3, 2024
Weighted average number of common shares outstanding (basic)	8,033,361	8,294,593
Incremental shares from assumed vesting of nonvested restricted stock	208,787	—
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,242,148	8,294,593

Leases

6 Months Ended

Aug. 02, 2025

Leases

Leases

11. Leases

The Company leases its retail store locations, distribution centers, 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.

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				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Operating lease cost	$	15,219	$	14,400	$	30,386	$	29,790
Variable lease cost		3,205		3,541		5,815		6,163
Short term lease cost		422		381		998		1,094
Total lease cost	$	18,846	$	18,322	$	37,199	$	37,047

Future minimum lease payments as of August 2, 2025 are as follows (in thousands):


Fiscal Year	Lease Costs
Remainder of 2025	$	36,175
2026		56,521
2027		45,081
2028		36,281
2029		27,541
Thereafter		93,552
Total future minimum lease payments		295,151
Less: imputed interest		(77,662)	(1)
Total present value of lease liabilities	$	217,489	(2)

(1)

Calculated using the incremental borrowing rate for each lease.

(2)

Includes short-term and long-term portions of operating lease liabilities.

Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales.

Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts):


	Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024
Cash paid for operating leases	$	30,578	$	30,784
Right of use assets obtained in exchange for new operating lease liabilities	$	26,675	$	19,307

Weighted average remaining lease term (years) - operating leases		6.99		7.38
Weighted average discount rate - operating leases		5.87%		5.35%

Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
Earnings per Share (Details) - shares	Aug. 02, 2025	Aug. 03, 2024	Aug. 02, 2025	Aug. 03, 2024
Reconciliation of average number of common shares outstanding used to calculate basic and diluted earnings per share
Weighted average number of common shares outstanding (basic)	8,033,100	8,336,629	8,033,361	8,294,593
Incremental shares from assumed vesting of nonvested restricted stock	280,741		208,787
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,313,841	8,336,629	8,242,148	8,294,593
Time-Based Restricted Stock
Antidilutive securities and EPS
Shares excluded from the calculation of diluted earnings per share	0	178,000	0	234,000

Leases (Tables)

6 Months Ended

Aug. 02, 2025

Leases

Schedule of lease expense

Lease costs consisted of the following (in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024		August 2, 2025		August 3, 2024
Operating lease cost	$	15,219	$	14,400	$	30,386	$	29,790
Variable lease cost		3,205		3,541		5,815		6,163
Short term lease cost		422		381		998		1,094
Total lease cost	$	18,846	$	18,322	$	37,199	$	37,047

Schedule of future minimum rent payments under operating leases


Fiscal Year	Lease Costs
Remainder of 2025	$	36,175
2026		56,521
2027		45,081
2028		36,281
2029		27,541
Thereafter		93,552
Total future minimum lease payments		295,151
Less: imputed interest		(77,662)	(1)
Total present value of lease liabilities	$	217,489	(2)

(1)

Calculated using the incremental borrowing 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):


	Twenty-Six Weeks Ended
	August 2, 2025		August 3, 2024
Cash paid for operating leases	$	30,578	$	30,784
Right of use assets obtained in exchange for new operating lease liabilities	$	26,675	$	19,307

Weighted average remaining lease term (years) - operating leases		6.99		7.38
Weighted average discount rate - operating leases		5.87%		5.35%

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 02, 2025
Significant Accounting Policies
Basis of Presentation	Basis of Presentation Citi Trends, Inc. and its subsidiary (the “Company”) is a leading off-price value retailer of apparel, accessories and home trends primarily for African American families in the United States. As of August 2, 2025, the Company operated 590 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 February 1, 2025 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 (the “2024 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 2024 Form 10-K. Operating results for the first half of 2025 are not necessarily indicative of the results that may be expected for the fiscal year as a result of the seasonality of the business, and the current economic uncertainty.
Fiscal Year	Fiscal Year The following contains references to fiscal years 2025 and 2024, which represent fiscal years ending or ended on January 31, 2026 and February 1, 2025, respectively. Fiscal 2025 and fiscal 2024 both have 52-week accounting periods.