UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~November~~May 12, ~~2025~~2026



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 000-41886

CITI TRENDS, INC.

(Exact name of registrant as specified in its charter)


Delaware		52-2150697

Delaware		52-2150697
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

17 Park of Commerce Boulevard, Suite 200
Savannah, Georgia		31405
(Address of principal executive offices)		(Zip Code)

17 Park of Commerce Blvd, Ste 200
Savannah, Georgia		31405
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code (912) 236-1561

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol	Name of each exchange on which registered
Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.01 par value	CTRN	NASDAQ Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☐ Accelerated Filer ☒ Non-Accelerated Filer ☐ Smaller Reporting Company ☐ Emerging Growth Company ☐


Large Accelerated Filer ☐ Accelerated Filer ☒		Non-Accelerated Filer ☐

Smaller Reporting Company ☐		Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~November~~May 2829, ~~2025~~2026, the registrant had 8,~~345~~329,~~260~~848 outstanding shares of common stock, $0.01 par value per share.

Table of Contents

CITI TRENDS, INC.

FORM 10-Q

TABLE OF CONTENTS


		PAGE
		NUMBER
PART I	FINANCIAL INFORMATION

Item 1	Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Operations	4

	Condensed Consolidated Statements of Cash Flows	5

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Notes to the Condensed Consolidated Financial Statements	7

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3	Quantitative and Qualitative Disclosures About Market Risk	17

Item 4	Controls and Procedures	17

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	18

Item 1A	Risk Factors	18

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 3	Defaults Upon Senior Securities	18

Item 4	Mine Safety Disclosures	18

Item 5	Other Information	18

Item 6	Exhibits	19

	SIGNATURES	20


		PAGE
		NUMBER
PART I	FINANCIAL INFORMATION

Item 1	Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Operations	4

	Condensed Consolidated Statements of Cash Flows	5

	Condensed Consolidated Statements of Stockholders’ Equity	6

	Notes to the Condensed Consolidated Financial Statements	7

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3	Quantitative and Qualitative Disclosures About Market Risk	17

Item 4	Controls and Procedures	17

PART II	OTHER INFORMATION

Item 1	Legal Proceedings	18

Item 1A	Risk Factors	18

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 3	Defaults Upon Senior Securities	18

Item 4	Mine Safety Disclosures	18

Item 5	Other Information	18

Item 6	Exhibits	19

	SIGNATURES	20

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

Citi Trends, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share data)


	~~November~~May 12,		~~February~~January 131,
	~~2025~~2026		~~2025~~2026
Assets
Current assets:
Cash and cash equivalents	$	5181,~~098~~100	$	6166,~~085~~092
Inventory		~~123~~115,~~536~~246		~~122~~113,~~640~~515
Prepaid and other current assets		16,~~084~~090		1012,~~216~~254
Income tax receivable		~~1,374~~522		31,~~119~~187
Total current assets		~~192~~212,~~092~~958		~~197~~193,~~060~~048
Property and equipment, net of accumulated depreciation of $298,162 and $297,396 as of November 1, 2025 and February 1, 2025, respectively.		53,161		50,715
Property and equipment, net of accumulated depreciation of $306,694 and $301,921 as of May 2, 2026 and January 31, 2026, respectively.		56,639		54,384
Operating lease right of use assets		~~217~~224,~~187~~770		~~214~~221,~~148~~775
Other assets		1,~~820~~824		~~846~~1,964
Total assets	$	~~464~~496,~~260~~191	$	~~462~~471,~~769~~171

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	97113,~~986~~238	$	~~102~~100,~~456~~693
Operating lease liabilities		4344,~~585~~046		4744,~~724~~397
Accrued expenses		2117,~~622~~430		1615,~~647~~134
Accrued compensation		1410,~~646~~216		712,~~176~~800
Layaway deposits		21,~~008~~049		~~388~~383
Total current liabilities		~~179~~185,~~847~~979		~~174~~173,~~391~~407
Noncurrent operating lease liabilities		~~174~~182,~~453~~416		~~172~~178,~~675~~921
Deferred Tax Liability		~~142~~244		~~142~~245
Other long-term liabilities		12,~~988~~209		2,~~385~~278
Total liabilities		~~356~~370,~~430~~848		~~349~~354,~~593~~851

Stockholders’ equity:
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,500,334 shares issued as of November 1, 2025 and 16,497,092 shares issued as of February 1, 2025; 8,300,528 shares outstanding as of November 1, 2025 and 8,547,841 shares outstanding as of February 1, 2025		162		162
Common stock, $0.01 par value. Authorized 32,000,000 shares; 16,556,574 shares issued as of May 2, 2026 and 16,545,723 shares issued as of January 31, 2026; 8,356,768 shares outstanding as of May 2, 2026 and 8,345,917 shares outstanding as of January 31, 2026		163		163
Paid in capital		~~111~~113,~~275~~621		~~108~~112,~~101~~352
Retained earnings		~~273~~288,~~696~~862		~~275~~281,~~901~~108
Treasury stock, at cost; 8,199,806 shares held as of November 1, 2025 and 7,949,251 shares held as of February 1, 2025		(277,303)		(270,988)
Treasury stock, at cost; 8,199,806 shares held as of May 2, 2026 and January 31, 2026		(277,303)		(277,303)
Total stockholders’ equity		~~107~~125,~~830~~343		~~113~~116,~~176~~320

Commitments and contingencies (Note 7)
Total liabilities and stockholders’ equity	$	~~464~~496,~~260~~191	$	~~462~~471,~~769~~171

See accompanying notes to the condensed consolidated financial statements (unaudited).

Table of Contents

Citi Trends, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share amounts)


	Thirteen Weeks Ended
	~~November~~May 12,		~~November~~May 23,
	~~2025~~2026		~~2024~~2025
Net sales	$	~~197~~230,~~091~~858	$	~~179~~201,~~066~~728

Cost of sales (exclusive of depreciation)		(~~120~~138,~~462~~630)		(~~107~~121,~~833~~918)
Selling, general and administrative expenses		(79,~~346~~745)		(74,~~730~~887)
Depreciation		(45,~~627~~108)		(4,~~755~~370)
Asset impairment		—		(~~574~~64)
Loss from operations		(7,344)		(8,826)
Income from operations		7,375		489
Interest income		~~541~~647		~~482~~458
Interest expense		(9186)		(7976)
Loss before income taxes		(6,894)		(8,423)
Income before income taxes		7,936		871
Income tax benefit		—		1,271
Income tax expense		(182)		—
Net loss	$	(6,894)	$	(7,152)
Net income	$	7,754	$	871

Basic net earnings (loss)per common share	$	(0.86)	$	(0.86)
Basic net earnings per common share	$	0.95	$	0.11
Diluted net earnings (loss) per common share	$	(0.86)	$	(0.86)
Diluted net earnings per common share	$	0.91	$	0.11

Weighted average number of shares outstanding
Basic		8,~~050~~126		8,~~356~~034
Diluted		8,~~050~~484		8,~~356~~170

Citi Trends, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share amounts)


	Thirty-Nine Weeks Ended
	November 1,		November 2,
	2025		2024
Net sales	$	589,569	$	541,907

Cost of sales (exclusive of depreciation)		(356,857)		(343,710)
Selling, general and administrative expenses		(233,138)		(222,721)
Depreciation		(13,545)		(14,331)
Asset impairment		(327)		(1,835)
Gain on sale of building		10,960		—
Loss from operations		(3,338)		(40,690)
Interest income		1,388		1,942
Interest expense		(255)		(238)
Loss before income taxes		(2,205)		(38,986)
Income tax benefit		—		9,995
Net loss	$	(2,205)	$	(28,991)

Basic net earnings (loss)per common share	$	(0.27)	$	(3.49)
Diluted net earnings (loss) per common share	$	(0.27)	$	(3.49)

Weighted average number of shares outstanding
Basic		8,039		8,315
Diluted		8,039		8,315

See accompanying notes to the condensed consolidated financial statements (unaudited).

Table of Contents

Citi Trends, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)


	~~Thirty-Nine~~Thirteen Weeks Ended
	~~November~~May 12,		~~November~~May 23,
	~~2025~~2026		~~2024~~2025
Operating activities:
Net loss	$	(2,205)	$	(28,991)
Net income	$	7,754	$	871
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation		135,~~545~~108		144,~~331~~370
Asset impairment		~~327~~—		~~1,835~~64
Non-cash operating lease costs		3512,~~687~~120		3612,~~708~~252
Loss on disposal of property and equipment		241		24—
Deferred income taxes		—		(10,197)
Non-cash stock-based compensation expense		1,303		968
Non-cash stock-based compensation expense		4,001		2,434
Gain on sale of building		(10,960)		—
Changes in assets and liabilities:
Inventory		(~~896~~1,731)		212,~~918~~709
Prepaid and other current assets		(53,~~868~~836)		(23,~~307~~536)
Other assets		~~(974)~~140		~~120~~(453)
Accounts payable		(512,~~130)~~572		(1721,~~898~~911)
Accrued expenses and other long-term liabilities		(3611,~~919~~303)		(3519,~~916~~387)
Accrued compensation		7(2,~~470~~584)		2,~~885~~562
Income tax receivable/payable		~~1,745~~665		~~542~~2
Layaway deposits		~~1,620~~666		~~1,164~~520
Net cash provided by (used in) operating activities		120,~~467~~875		(3210,~~348~~969)
Investing activities:
Purchases of property and equipment		(155,~~519~~833)		(72,~~606~~104)
Proceeds from sale of building		11,206		—
Net cash used in investing activities		(5,833)		(2,104)
Net cash used in investing activities		(4,313)		(7,606)
Financing activities:
Cash used to settle withholding taxes on the vesting of nonvested restricted stock		(~~826~~34)		(~~880~~141)
Repurchases of common stock		~~(6,315)~~—		—(6,315)
Net cash used in financing activities		(~~7,141~~34)		(~~880~~6,456)
Net decrease in cash and cash equivalents		(9,987)		(40,834)
Net increase (decrease) in cash and cash equivalents		15,008		(19,529)
Cash and cash equivalents:
Beginning of period		6166,~~085~~092		7961,~~706~~085
End of period	$	5181,~~098~~100	$	3841,~~872~~556

Supplemental disclosures of cash flow information:
Cash paid for interest	$	~~155~~64	$	~~125~~43
Cash refunds of income taxes	$	(~~1,694~~483)	$	(~~340~~2)
Supplemental disclosures of non-cash investing activities:
Accrual for purchases of property and equipment	$	1,~~006~~530	$	~~374~~944

See accompanying notes to the condensed consolidated financial statements (unaudited).

Table of Contents

Citi Trends, Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(in thousands, except share amounts)


	Common Stock			Paid in		Retained		Treasury Stock
	Shares	Amount		Capital		Earnings		Shares	Amount		Total
Balances — February 1, 2025	16,497,092	$	162	$	108,101	$	275,901	7,949,251	$	(270,988)	$	113,176
Balances — January 31, 2026	16,545,723	$	163	$	112,352	$	281,108	8,199,806	$	(277,303)	$	116,320
Grant of restricted shares	219,~~089~~313		—		—		—	—		—		—
Forfeiture of restricted shares	(197,~~398~~675)		—		—		—	—		—		—
Stock-based compensation expense	—		—		~~968~~1,303		—	—		—		~~968~~1,303
Shares withheld for settlement of employee taxes on vesting	(~~6,939~~787)		—		(~~141~~34)		—	—		—		(~~141~~34)
Repurchase of common stock	—		—		—		—	~~250,555~~—		~~(6,315)~~—		~~(6,315)~~—
Net income (loss)	—		—		—		~~871~~7,754	—		—		~~871~~7,754
Balances — May 3, 2025	16,472,844	$	162	$	108,928	$	276,772	8,199,806	$	(277,303)	$	108,559
Balances — May 2, 2026	16,556,574	$	163	$	113,621	$	288,862	8,199,806	$	(277,303)	$	125,343
Grant of restricted shares	60,357		—		—		—	—		—		—
Forfeiture of restricted shares	(2,620)		—		—		—	—		—		—
Stock-based compensation expense	—		—		1,483		—	—		—		1,483
Shares withheld for settlement of employee taxes on vesting	(24,863)		—		(620)		—	—		—		(620)
Net income (loss)	—		—		—		3,818	—		—		3,818
Balances — August 2, 2025	16,505,718	$	162	$	109,791	$	280,590	8,199,806	$	(277,303)	$	113,240
Forfeiture of restricted shares	(3,394)		—		—		—	—		—		—
Stock-based compensation expense	—		—		1,550		—	—		—		1,550
Shares withheld for settlement of employee taxes on vesting	(1,990)		—		(66)		—	—		—		(66)
Net income (loss)	—		—		—		(6,894)	—		—		(6,894)
Balances — November 1, 2025	16,500,334	$	162	$	111,275	$	273,696	8,199,806	$	(277,303)	$	107,830


	Common Stock			Paid in		Retained		Treasury Stock
	Shares	Amount		Capital		Earnings		Shares	Amount		Total
Balances — February 1, 2025	16,497,092	$	162	$	108,101	$	275,901	7,949,251	$	(270,988)	$	113,176
Grant of restricted shares	2,089		—		—		—	—		—		—
Forfeiture of restricted shares	(19,398)		—		—		—	—		—		—
Stock-based compensation expense	—		—		968		—	—		—		968
Shares withheld for settlement of employee taxes on vesting	(6,939)		—		(141)		—	—		—		(141)
Repurchase of common stock	—		—		—		—	250,555		(6,315)		(6,315)
Net income (loss)	—		—		—		871	—		—		871
Balances — May 3, 2025	16,472,844	$	162	$	108,928	$	276,772	8,199,806	$	(277,303)	$	108,559


	Common Stock			Paid in		Retained		Treasury Stock
	Shares	Amount		Capital		Earnings		Shares	Amount		Total
Balances — February 3, 2024	16,354,714	$	160	$	105,686	$	319,071	7,804,013	$	(267,211)	$	157,706
Vesting of nonvested restricted stock units	—		1		—		—	—		—		1
Grant of restricted shares	2,811		—		—		—	—		—		—
Forfeiture of restricted shares	(5,178)		—		—		—	—		—		—
Stock-based compensation expense	—		—		884		—	—		—		884
Shares withheld for settlement of employee taxes on vesting	(11,618)		—		(333)		—	—		—		(333)
Net income (loss)	—		—		—		(3,426)	—		—		(3,426)
Balances — May 4, 2024	16,340,729	$	161	$	106,237	$	315,645	7,804,013	$	(267,211)	$	154,832
Vesting of nonvested restricted stock units	—		1		—		—	—		—		1
Grant of restricted shares	110,870		—		—		—	—		—		—
Grant of vested shares	16,373		—		—		—	—		—		—
Forfeiture of restricted shares	(24,845)		—		—			—		—		—
Stock-based compensation expense	—		—		694		—	—		—		694
Shares withheld for settlement of employee taxes on vesting	(23,771)		—		(524)		—	—		—		(524)
Net income (loss)	—		—		—		(18,413)	—		—		(18,413)
Balances — August 3, 2024	16,419,356	$	162	$	106,407	$	297,232	7,804,013	$	(267,211)	$	136,590
Grant of restricted shares	19,698		—		—		—	—		—		—
Forfeiture of restricted shares	(3,757)		—		—		—	—		—		—
Stock-based compensation expense	—		—		856		—	—		—		856
Shares withheld for settlement of employee taxes on vesting	(1,260)		—		(24)		—	—		—		(24)
Net income (loss)	—		—		—		(7,152)	—		—		(7,152)
Balances — November 2, 2024	16,434,037	$	162	$	107,239	$	290,080	7,804,013	$	(267,211)	$	130,270

See accompanying notes to the condensed consolidated financial statements (unaudited).

Table of Contents

Citi Trends, Inc.

Notes to the Condensed Consolidated Financial Statements (unaudited)

~~November 1~~(in thousands, ~~2025~~ except per share amounts)

May 2, 2026

1. Significant Accounting Policies

Basis of Presentation

Citi Trends, Inc. and its subsidiary (the “Company”) is athe leading off-price value retailer of apparel, accessories and home trends primarily for ~~African~~Black ~~American~~ families in the United States. As of ~~November~~May 12, ~~2025~~2026, the Company operated ~~593~~591 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 31, 2026 is derived from the audited financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 (the “2025 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 2025 Form 10-K. Operating results for the first quarter of 2026 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.

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 three quarters 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~~2026 and ~~2024~~2025, which represent fiscal years ending or ended on January 3130, ~~2026~~2027 and ~~February~~January 131, ~~2025~~2026, respectively. Fiscal ~~2025~~2026 and fiscal ~~2024~~2025 both have 52-week accounting periods.

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.

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 third quarter of 2025 and 2024, there were 410,000 and 258,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution. For the thirty-nine weeks ended November 1, 2025 and November 2, 2024, there were 381,000 and 242,000 shares of nonvested restricted stock, respectively, excluded from the calculation of diluted earnings per share because of antidilution.

Table of Contents

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
	~~November~~May 12, ~~2025~~2026	~~November~~May 23, ~~2024~~2025
Weighted average number of common shares outstanding (basic)	8,~~050~~126,~~214~~151	8,~~356~~033,~~085~~623
Incremental shares from assumed vesting of nonvested restricted stock	—357,924	—136,833
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,~~050~~484,~~214~~075	8,~~356~~170,~~085~~456


	Thirty-Nine Weeks Ended
	November 1, 2025	November 2, 2024
Weighted average number of common shares outstanding (basic)	8,038,979	8,315,090
Incremental shares from assumed vesting of nonvested restricted stock	—	—
Weighted average number of common shares and common stock equivalents outstanding (diluted)	8,038,979	8,315,090

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 May 2, 2026, the Company had no borrowings under the credit facility and $2.2 million of letters of credit outstanding.

~~As of November 1, 2025, the Company had no borrowings under the credit facility and $2~~5.2 ~~million~~Income ~~of letters of credit outstanding.~~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.

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. No impairments were recorded in the third quarter of 2025. In the third quarter of 2024, non-cash impairment expense related to underperforming stores totaled $0.6 million, comprised of $0.3 million for leasehold improvements and fixtures and equipment, and $0.3 million for operating lease right of use assets. In the thirty-nine weeks ended November 1, 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 thirty-nine weeks ended November 2, 2024, non-cash impairment expense related to underperforming stores totaled $1.8 million, comprised of $0.9 million for leasehold improvements and fixtures and equipment, and $0.9 million for operating lease right of use assets.

6. Income Taxes

Table of Contents

~~The~~6. ~~effect~~Commitments ~~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.Contingencies

The ~~ultimate~~Company ~~realization~~from oftime ~~deferred~~to ~~tax~~time ~~assets~~ is ~~dependent~~involved ~~upon~~in ~~the~~various ~~generation~~legal ofproceedings ~~future~~incidental ~~taxable~~to ~~income during~~ the ~~periods~~conduct inof ~~which~~its ~~those~~business, ~~temporary~~including ~~differences~~claims ~~become~~by ~~deductible.~~customers, ~~Management~~landlords, ~~considers~~employees ~~the~~or ~~scheduled~~former ~~reversal~~employees. ofOnce ~~deferred~~it ~~tax~~becomes ~~liabilities,~~probable ~~projected~~that ~~future~~the ~~taxable~~Company ~~income,~~will ~~and~~incur ~~tax~~costs ~~planning strategies~~ in ~~making~~connection ~~this~~with ~~assessment.~~a ~~Based~~legal ~~upon~~proceeding ~~the level of historical taxable income~~ and ~~projections~~such ~~for~~costs ~~future~~can ~~taxable~~be ~~income~~reasonably ~~over~~estimated, the ~~periods~~Company inestablishes ~~which~~appropriate ~~the~~reserves. ~~deferred~~While ~~tax~~legal ~~assets~~proceedings are ~~deductible~~subject ~~and~~to ~~income~~uncertainties ~~tax~~and ~~credits~~the ~~may~~outcome beof ~~utilized,~~any ~~management~~such ~~believes~~matter ~~sufficient~~is ~~negative~~not ~~evidence~~predictable, ~~exists~~the toCompany ~~require~~is anot ~~valuation~~aware ~~allowance.~~of Weany ~~intend~~legal toproceedings ~~maintain~~pending aor ~~valuation~~threatened ~~allowance~~against ~~until~~it ~~sufficient~~that ~~positive~~it ~~evidence~~expects ~~exists~~ to ~~support~~have ~~its~~a ~~reversal,~~material ~~resulting~~adverse ineffect noon ~~deferred~~its ~~tax~~financial ~~asset~~condition, ~~balance~~results ~~being~~of ~~recognized~~operations or liquidity.

7. ~~Commitments~~Stock ~~and Contingencies~~Repurchases

The Company ~~from~~periodically ~~time~~repurchases toshares ~~time is involved in various legal proceedings incidental to the conduct~~ of its ~~business,~~common ~~including~~stock ~~claims~~under byboard-authorized ~~customers,~~repurchase ~~landlords, employees or former employees~~programs. ~~Once~~Such itrepurchases ~~becomes~~may ~~probable~~be ~~that~~made ~~the Company will incur costs~~ in ~~connection~~the ~~with~~open amarket, ~~legal~~through ~~proceeding~~block ~~and~~trades ~~such~~or ~~costs~~through ~~can~~other benegotiated ~~reasonably~~transactions. ~~estimated,~~Share ~~the~~repurchases ~~Company~~were ~~establishes~~as ~~appropriate reserves.~~ follows:

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.

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				~~Thirty-Nine Weeks Ended~~
	~~November~~May 12, ~~2025~~2026		~~November~~May 23, ~~2024~~2025		~~November 1, 2025~~		~~November 2, 2024~~
Total number of shares purchased		—		—251		~~251~~		—
Average price paid per share (including commissions)	$	—	$	—25	$	25	$	—
Total investment	$	—	$	—6,315	$	~~6,315~~	$	—

OnAt ~~November 30~~May 2, ~~2021~~ 2026, ~~the Company announced that its board of directors approved a~~ $3040.0 million ~~stock~~remained ~~repurchase~~available ~~program.~~under ~~On March 15, 2022,~~ the Company’s ~~announced that its board of directors approved an additional $30 million~~ stock repurchase ~~program~~authorization. ~~The programs do not have expiration dates.~~

~~At November 1, 2025, $40.0 million remained available under the Company’s stock repurchase authorization.~~

98. 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~~In fiscal 2025, the Company isadopted ~~currently~~the ~~evaluating~~new accounting pronouncement ASU 2023-09 in the ~~impact~~respective ~~this~~period ~~standard~~and ~~will~~retrospectively. The adoption of ASU 2023-09 did not have a material impact on ~~its~~the Company’s consolidated financial statements ~~and~~as ~~related~~the requirements impact only annual income tax reporting disclosures in the Notes to the Company’s consolidated financial statements. Refer to “Note 5. Income Taxes” for additional information.

In November 2024, the FASB issued ASU 2024-03, “Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), 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 the amended guidance will have on its disclosures.

In September 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which amends the guidance in ASC 350 to revise the criteria for when an entity is required to start capitalizing software costs and requires an entity to consider whether there is significant uncertainty associated with the development activities of the software when evaluating the probable-to-complete recognition threshold. ASU 2025-06 is required to be adopted in the annual reporting periods beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact the amended guidance will have on its consolidated financial statements and related disclosures.

In November 2025, the FASB issued ASU 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements” (“ASU 2025-11”), which amends the guidance in ASC 270 to clarify the applicability of interim disclosure requirements and enhance the navigability of the existing guidance. ASU 2025-11 provides a comprehensive list of required interim disclosures and establishes a new disclosure principle requiring entities to disclose events that occur after the end of the last annual reporting period. The new standard is effective for interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact the amended guidance will have on its consolidated financial statements and related disclosures.

Table of Contents

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.

109. 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. The following table provides the percentage of net sales for each Division within the merchandise assortment:

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
	May 2,			May 3,
Division	2026			2025
Women's	27	%		28	%
Children's	23	%		22	%
Accessories & Beauty	17	%		17	%
Men's	16	%		15	%
Home & Lifestyle	10	%		11	%
Footwear	7	%		7	%


	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	November 1,		November 2,		November 1,		November 2,
Division	2025		2024		2025		2024
Womens	26	%	27	%	28	%	28	%
Kids	25	%	24	%	23	%	23	%
Mens	17	%	17	%	17	%	16	%
Accessories & Beauty	15	%	16	%	16	%	16	%
Home & Lifestyle	10	%	10	%	9	%	10	%
Footwear	7	%	6	%	7	%	7	%

10. Leases

Table of Contents

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

~~Thirty-Nine Weeks Ended~~

~~November~~May 12, ~~2025~~2026

~~November~~May 23, ~~2024~~2025

~~November 1, 2025~~

~~November 2, 2024~~

Operating lease cost

15,~~374~~965

1615,~~441~~167

~~45,760~~

~~46,232~~

Variable lease cost

3,~~302~~159

12,~~997~~610

~~9,117~~

~~8,160~~

Short term lease cost

~~516~~724

~~250~~576

~~1,514~~

~~1,344~~

Total lease cost

19,~~192~~848

18,~~688~~353

~~56,391~~

~~55,736~~

Future minimum lease payments as of November 1, 2025 are as follows (in thousands):


Fiscal Year	Lease Costs
Remainder of 2025	$	16,497
2026		61,745
2027		49,128
2028		39,738
2029		30,384
Thereafter		118,281
Total future minimum lease payments		315,773
Less: imputed interest		(97,735)	(1)
Total present value of lease liabilities	$	218,038	(2)

Table of Contents

Future minimum lease payments as of May 2, 2026 are as follows (in thousands):

(1) Calculated using the incremental borrowing rate.


Fiscal Year	Lease Costs
Remainder of 2026	$	49,082
2027		56,442
2028		46,741
2029		36,782
2030		26,166
Thereafter		97,881
Total future minimum lease payments		313,094
Less: imputed interest		(86,632)	(1)
Total present value of lease liabilities	$	226,462	(2)

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

(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):


	~~Thirty-Nine~~Thirteen Weeks Ended
	~~November~~May 12, ~~2025~~2026		~~November~~May 23, ~~2024~~2025
Cash paid for operating leases	$	4615,~~127~~813	$	4615,~~735~~182
Right of use assets obtained in exchange for new operating lease liabilities	$	3815,~~790~~114	$	2516,~~182~~528

Weighted average remaining lease term (years) - operating leases		6.9573		7.3114
Weighted average discount rate - operating leases		6.0420%		5.4778%

11. Segment Reporting

The Company is an off-price value retailer of fashion apparel, accessories and home trends primarily for Black 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.

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

Table of Contents

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				~~Thirty-Nine Weeks Ended~~
	~~November~~May 12, ~~2025~~2026		~~November~~May 23, ~~2024~~2025		~~November 1, 2025~~		~~November 2, 2024~~
Net sales	$	~~197~~230,~~091~~858	$	~~179~~201,~~066~~728	$	~~589,569~~	$	~~541,907~~
Cost of sales (exclusive of depreciation shown separately below)
Merchandising and other		(~~109~~126,~~056~~428)		(97111,~~131~~857)		~~(325,117)~~		~~(312,719)~~
Freight in and out		(1112,~~406~~202)		(10,~~702~~061)		~~(31,740)~~		~~(30,991)~~
Selling, general, and administrative expenses
Store expenses - payroll and related expenses		(23,~~516~~908)		(22,~~822~~485)		~~(69,549)~~		~~(67,226)~~
Store expenses - rent		(17,~~080~~701)		(16,~~736~~327)		~~(50,177)~~		~~(49,877)~~
Corporate expenses - payroll and related expenses		(7,~~175~~132)		(7,~~089~~283)		~~(21,731)~~		~~(22,547)~~
Distribution center expenses - payroll and related expenses		(4,~~500~~590)		(4,~~094~~555)		~~(13,821)~~		~~(12,266)~~
Other segment expenses (1)		(2726,~~075~~414)		(2324,~~989~~237)		~~(77,860)~~		~~(70,805)~~
Gain on sale of building		—		—		10,960		—
Depreciation		(5,108)		(4,370)
Depreciation		(4,627)		(4,755)		(13,545)		(14,331)
Asset impairment		—		(64)
Asset impairment		—		(574)		(327)		(1,835)
Interest income		647		458
Interest income		541		482		1,388		1,942
Interest expense		(86)		(76)
Interest expense		(91)		(79)		(255)		(238)
Income tax expense		(182)		—
Income tax benefit		—		1,271		—		9,995
Net income	$	7,754	$	871
Net loss	$	(6,894)	$	(7,152)	$	(2,205)	$	(28,991)

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

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Except for specific historical information, many of the matters discussed in this Form 10-Q may express or imply projections of revenues or expenditures, statements of plans and objectives for future operations, growth or initiatives, statements of future economic performance, capital allocation expectations or statements regarding the outcome or impact of pending or threatened litigation. These, and similar statements, are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, concerning matters that involve risks, uncertainties and other factors that may cause the actual performance of the Company to differ materially from those expressed or implied by these statements. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors. The words “believe,” “anticipate,” “project,” “plan,” “expect,” “estimate,” “objective,” “forecast,” “goal,” “intend,” “could,” “will likely result,” or “will continue” and similar words and expressions generally identify forward-looking statements, although not all forward-looking statements contain such language. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements.

The factors that may result in actual results differing from such forward-looking information include, but are not limited to: uncertainties relating to general economic conditions, including inflation, energy and fuel costs, unemployment levels, and any deterioration whether caused by acts of war, terrorism, political or social unrest (including any resulting store closures, damage or loss of inventory) or other factors; changes in market interest rates and market levels of wages; the imposition of new taxes on imports, new tariffs and changes in existing tariff rates; the imposition of new trade restrictions and changes in existing trade restrictions; impact of natural disasters such as hurricanes; uncertainty and economic impact of pandemics, epidemics or other public health emergencies; transportation and distribution delays or interruptions; changes in freight rates; the Company’s ability to attract and retain workers; the Company’s ability to negotiate effectively the cost and purchase of merchandise; inventory risks due to shifts in market demand; the Company’s ability to gauge fashion trends and changing consumer preferences; consumer confidence and changes in consumer spending patterns; competition within the industry; competition in our markets; the duration and extent of any economic stimulus programs; changes in product mix; interruptions in suppliers’ businesses; risks related to cybersecurity, data privacy and intellectual property; temporary changes in demand due to weather patterns; seasonality of the Company’s business; the results of pending or threatened litigation; delays and costs associated with building, opening, remodeling, assuming leases, and operating new stores; delays and costs associated with building, opening or expanding new or existing distribution centers; changes in regulator’s requirements or stakeholder’s expectations on environmental, social and sustainability related topics; challenges effectively managing the use of artificial intelligence; and strategic transactions that could negatively impact our liquidity, increase our expenses, or present significant distractions to management; and other factors described in the section titled “Item 1A. Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026 and in Part II, “Item 1A. Risk Factors” and elsewhere in the Company’s Quarterly Reports on Form 10-Q and any amendments thereto and in the other documents the Company files with the SEC, including reports on Form 8-K.

Table of Contents

distribution delays or interruptions; changes in freight rates; the Company’s ability to attract and retain workers; the Company’s ability to negotiate effectively the cost and purchase of merchandise; inventory risks due to shifts in market demand; the Company’s ability to gauge fashion trends and changing consumer preferences; consumer confidence and changes in consumer spending patterns; competition within the industry; competition in our markets; the duration and extent of any economic stimulus programs; changes in product mix; interruptions in suppliers’ businesses; risks related to cybersecurity, data privacy and intellectual property; temporary changes in demand due to weather patterns; seasonality of the Company’s business; the results of pending or threatened litigation; delays associated with building, opening, remodeling and operating new stores; delays associated with building, opening or expanding new or existing distribution centers; and other factors described in the section titled “Item 1A. Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2025 and in Part II, “Item 1A. Risk Factors” and elsewhere in the Company’s Quarterly Reports on Form 10-Q and any amendments thereto and in the other documents the Company files with the SEC, including reports on Form 8-K.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Form 10-Q. Except as may be required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this Form 10-Q or to reflect the occurrence of unanticipated events. Readers are advised, however, to read any further disclosures the Company may make on related subjects in its public disclosures or documents filed with the SEC, including reports on Form 8-K.

Executive Overview

We are athe ~~highly~~leading ~~differentiated~~ off-price value retailer ~~known~~of ~~for trendy fashions, great brands and amazing prices. We offer culturally relevant fashion – what we call “Cultural Cachet” – in~~ apparel, accessories and home trends primarily for ~~African~~Black ~~American~~ families ~~in the United States~~. WeOur ~~curate a three~~high-~~tiered~~quality ~~mix of products featuring well-known brands, core products~~ and ~~opening price goods, with intermittent extreme value deals. Our core product styles are curated~~ trend-right, ~~high~~merchandise ~~quality,~~offerings ~~value for the price. We offer an assortment of opening price products for the price conscious customer; all sold~~ at ~~competitive~~everyday low prices. ~~Plus,~~are ~~for~~designed ~~the~~to ~~treasure~~appeal ~~hunters, we often have “extreme value” product deals on well-known branded product at 50%~~ to ~~75% off~~ the ~~manufacturer’s~~fashion ~~suggested~~and ~~retail~~trend ~~price.~~preferences ~~Consumer~~of ~~insights research validates that our unique culturally relevant styling, and strong~~ value-conscious ~~for the price, fosters deep customer loyalty and high shopping frequency in the neighborhoods in which we operate~~customers.

As of ~~November~~May 12, ~~2025~~2026, we operated ~~593~~591 stores in urban, suburban and rural markets in 33 states.

Table of Contents

Uncertainties and Challenges

General Economic Conditions

We are monitoring trends in general economic conditions, including ~~inflation,~~on-going ~~tariffs~~inflationary pressures, new and changing tariff programs and changes in consumer sentiment. We ~~also~~continue ~~regularly~~to monitor the impacts on our business of unemployment levels, wage inflation, interest rates, inflation rates, housing costs, energy costs, gas prices, consumer confidence, consumer perception of economic conditions, costs to source our merchandise and supply chain disruptions.

Seasonality and Weather Patterns

The nature of our business is seasonal. Historically, sales in the first and fourth quarters have been higher than sales achieved in the second and third quarters of the fiscal year. In addition, sales of clothing are directly impacted by the timing of the seasons to which the clothing relates. While we have expanded our product offerings to balance discretionary with non-discretionary ~~product~~products, traffic to our stores is still influenced by weather patterns to some extent.

Basis of Presentation

Net sales consist of store sales and layaway fees, net of returns by customers. Cost of sales consists of the cost of products we sell and associated freight costs. Depreciation is not considered a component of cost of sales and is included as a separate line item in the consolidated statements of operations. Selling, general and administrative expenses are comprised of store costs, including payroll and occupancy costs, corporate and distribution center costs and ~~advertising~~marketing costs.

The following discussion contains references to fiscal years ~~2025~~2026 and ~~2024~~2025, which represent fiscal years ending or ended on January 3130, ~~2026~~2027 and ~~February~~January 131, ~~2025~~2026, respectively. Fiscal ~~2025~~2026 and fiscal ~~2024~~2025 ~~both~~ have a 52-week accounting ~~periods~~period. This discussion and analysis should be read with the unaudited condensed consolidated financial statements and the notes thereto contained in Part I, Item 1 of this Report.

Table of Contents

Results of Operations

The following discussion of the Company’s financial performance is based on the unaudited condensed consolidated financial statements set forth herein. Expenses and, to a greater extent, operating income, vary by quarter. Results of a period shorter than a full year may not be indicative of results expected for the entire year as a result of the seasonality of our business, and the current economic uncertainty.

Key Operating Statistics

We measure performance using key operating statistics. One of the main performance measures we use is comparable store sales growth. We define a comparable store as a store that has been open for at least 14 full consecutive months without closure for more than seven days within the same fiscal month. Remodeled and relocated stores are included in the comparable store sales results if the selling square footage is not changed significantly, the store is not closed for more than five days in any fiscal month and the store remains in the same trade area. We also use other operating statistics, most notably average sales per store, to measure our performance. As we typically occupy existing space in established shopping centers rather than sites built specifically for our stores, store square footage (and therefore sales per square foot) varies by store. We focus on overall store sales volume as the critical driver of profitability. In addition to sales, we measure cost of sales as a percentage of sales and store operating expenses, with a particular focus on labor, as a percentage of sales. These results translate into store level contribution, which we use to evaluate the overall performance of each individual store. Finally, we monitor corporate and distribution center expenses against budgeted amounts.

WeThirteen ~~also~~Weeks ~~use~~Ended ~~other operating statistics~~May 2, 2026 most notably average sales per store, to measure our performance. As we typically occupy existing space in established shopping centers rather than sites built specifically for our stores, store square footage (and ~~therefore sales per square foot) varies by store. We focus on overall store sales volume as the critical driver of profitability. In addition to sales~~May 3, we measure cost of sales as a percentage of sales and store operating expenses, with a particular focus on labor, as a percentage of sales. These results translate into store level contribution, which we use to evaluate the overall performance of each individual store. Finally, we monitor corporate and distribution center expenses against budgeted amounts. 2025

~~Thirteen~~Net ~~Weeks~~Sales. ~~Ended~~Net ~~November 1~~sales increased $29.2 million, or 14.4%, to $230.9 million in the first quarter of 2026 from $201.7 million in the first quarter of 2025. ~~and~~The ~~November 2~~increase in sales was due to a 13.9% increase in comparable store sales, ~~2024~~ as well as an increase of $1.5 million from net store opening and closing activity.

Net Sales. Net sales increased $18.0 million, or 10.1%, to $197.1 million in the third quarter of 2025 from $179.1 million in the third quarter of 2024. Comparable store sales increased 10.8%, resulting in an increase of $19.1 million in sales. Net store opening and closing activity resulted in a net decrease of $1.1 million in sales.

Cost of Sales (exclusive of depreciation). Cost of sales (exclusive of depreciation) increased $12.7 million, or 11.7%, to $120.5 million in the third quarter of 2025 from $107.8 million in the third quarter of 2024. Cost of sales as a percentage of sales was 61.1% in the third quarter of 2025 and 60.2% in the third quarter of 2024. The 90 basis-point increase was primarily driven by a 50 basis points increase in markdowns, a 20 basis points increase in shrink, and a 20 basis points increase in other cost of sales. Cost of sales as a percentage of sales in the third quarter of 2024 was positively impacted by low markdowns and shrink following the second quarter of 2024 strategic inventory reset.

Selling, General and Administrative Expenses. Selling, general and administrative expenses increased $4.6 million, or 6.2%, to $79.3 million in the third quarter of 2025 from $74.7 million in the third quarter of 2024. The increase was driven by corporate expenses (primarily incremental incentive compensation) of $2.9 million and store expenses of $1.7 million. As a percentage of sales, Selling, general and administrative expenses decreased to 40.3% in the third quarter of 2025 from 41.7% in the third quarter of 2024, primarily driven by the aforementioned items.

Depreciation. Depreciation expense decreased $0.2 million, or 2.7%, to $4.6 million in the third quarter of 2025 from $4.8 million in the third quarter of 2024.

Impairment. We did not incur any non-cash impairment expense in the third quarter of 2025. Non-cash impairment expense related to underperforming stores totaled $0.6 million in the third quarter of 2024, comprised of $0.3 million for leasehold improvements and fixtures and equipment, and $0.3 million for operating lease right of use assets.

Income Tax Benefit. There was no income tax benefit in the third quarter of 2025 compared to a benefit of $1.3 million in the third quarter of 2024. For the third quarter of 2025 and the third quarter of 2024, we used the annual effective tax rate to determine income tax benefit based upon interim period results.

Net Income (Loss). Net loss was $6.9 million in the third quarter of 2025 compared to net loss of $7.2 million in the third quarter of 2024 due to the factors discussed above.

Table of Contents

~~Thirty-Nine~~Cost ~~Weeks~~of ~~Ended~~Sales ~~November 1~~(exclusive of depreciation). Cost of sales (exclusive of depreciation) increased $16.7 million, or 13.7%, to $138.6 million in the first quarter of 2026 from $121.9 million in the first quarter of 2025. ~~and~~Cost ~~November 2~~of sales as a percentage of sales decreased to 60.0% in the first quarter of 2026 from 60.4% in the first quarter of 2025. The change was due to lower shrink expense, ~~2024~~ partially offset by fuel surcharges in freight.

~~Net~~Selling, ~~Sales~~General and Administrative Expenses. ~~Net~~Selling, ~~sales~~general and administrative expenses increased $474.78 million, or 86.85%, to $~~589~~79.67 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 from $~~541~~74.9 million in the ~~same~~first ~~period~~quarter of ~~2024~~2025. ~~Comparable~~The increase was primarily due to an increase in store ~~sales~~and ~~increased~~corporate ~~10.0%~~expenses and incentive compensation accrual, ~~resulting~~partially inoffset anby ~~increase~~lower ofdistribution ~~$53~~center expenses.2 ~~million~~As ina ~~sales.~~percentage ~~Net~~of ~~store~~sales, ~~opening~~selling, general and ~~closing~~administrative ~~activity~~expenses ~~resulted~~decreased to 34.5% in athe ~~net~~first ~~decrease~~quarter of ~~$5.5~~2026 ~~million~~from 37.1% in ~~sales~~the first quarter of 2025.

~~Cost of Sales (exclusive of depreciation)~~Depreciation. ~~Cost~~Depreciation ofexpense ~~sales (exclusive of depreciation)~~ increased $130.27 million, or 316.89%, to $~~356~~5.91 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 from $~~343~~4.74 million in the ~~same period of 2024. Cost of sales as a percentage of sales decreased to 60.5% in the~~ first ~~thirty-nine~~quarter ~~weeks~~ of 2025 ~~from 63~~.4% in the same period of 2024. The 290 basis-point decrease was driven by a 150 basis points decrease in markdowns, an 80 basis points decrease in shrink, and a 60 basis points decrease in other cost of sales.

~~Selling,~~Income ~~General~~Tax ~~and Administrative Expenses~~Benefit/Expense. ~~Selling,~~There ~~general~~was ~~and administrative expenses increased~~ $100.42 million, orincome ~~4.7%,~~tax toexpense ~~$233.1 million~~ in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 ~~from~~and ~~$222.7~~there ~~million in the same period of 2024. The increase~~ was ~~primarily~~no ~~driven~~income bytax ~~store~~expense ~~expenses~~in ofthe ~~$3.8~~first ~~million,~~quarter ~~distribution center costs~~ of $22025.7 ~~million,~~We ~~and~~used ~~corporate~~the ~~expenses~~annual ~~(primarily~~effective ~~incentive~~tax ~~compensation)~~rate ~~of $3.9 million. As a percentage of sales, Selling, general and administrative expenses decreased~~ to ~~39.5%~~determine inincome ~~the~~tax ~~first~~expense ~~thirty-nine~~based ~~weeks~~upon ofinterim ~~2025~~period ~~from 41~~results.~~1% in the first thirty-nine weeks of 2024, due to the aforementioned items.~~

~~Depreciation~~Net Income. ~~Depreciation~~Net ~~expense~~income ~~decreased~~was $07.8 million, orin ~~5.5%,~~the tofirst ~~$13.5~~quarter ~~million~~of in2026 ~~the~~compared ~~first~~to ~~thirty-nine~~net ~~weeks~~income of ~~2025 from~~ $140.39 million in the ~~same~~first ~~period~~quarter ~~last~~of ~~year~~2025 ~~primarily~~ due to the ~~sale~~factors ofdiscussed ~~the corporate office building~~above.

Impairment. Non-cash impairment expense related to underperforming stores totaled $0.3 million in the first thirty-nine weeks of 2025, comprised of $0.2 million for leasehold improvements and fixtures and equipment, and $0.1 million for operating lease right of use assets. Non-cash impairment expense related to underperforming stores totaled $1.8 million in the first thirty-nine weeks of 2024, comprised of $0.9 million for leasehold improvements and fixtures and equipment, and $0.9 million for operating lease right of use assets.

Gain on sale of building. Gain on sale of the corporate office building was $11.0 million in the first thirty-nine weeks of 2025.

Income Tax Benefit. There was no income tax benefit in the first thirty-nine weeks of 2025 compared to $10.0 million in the first thirty-nine weeks of 2024. We used the annual effective tax rate to determine income tax benefit based upon interim period results.

Net Income (Loss). Net loss was $2.2 million in the first thirty-nine weeks of 2025 compared to net loss of $29.0 million in the same period of 2024 due to the factors discussed above.

Liquidity and Capital Resources

Capital Allocation

Our capital allocation strategy is to maintain adequate liquidity to prioritize investments in opportunities to profitably grow our business and maintain current operations, then to return excess cash to ~~stockholders~~shareholders through our share repurchase programs. Our quarter-end cash and cash equivalents balance was $5181.1 million compared to ~~cash and cash equivalents of~~ $3841.96 million at the end of the ~~third~~first quarter ~~last~~of ~~year~~2025. Until required for other purposes, we maintain cash and cash equivalents in deposit or money market accounts.

Our principal sources of liquidity consist of: (i) cash and cash equivalents on hand; (ii) short-term trade credit arising from customary payment terms and trade practices with our vendors; (iii) cash generated from operations on an ongoing basis; and (iv) a revolving credit facility with a $75 million credit commitment.

Inventory

Our quarter-end inventory balance was $~~123~~115.52 million, ~~down 3.1%~~ compared towith $~~127~~109.59 million at the end of the ~~third~~first quarter ~~last~~of ~~year~~2025. The increase was primarily related to increased sales volume.

Table of Contents

Capital Expenditures

Capital expenditures in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 were $~~15.~~5.8 million, an increase of $73.97 million ~~over~~from the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2024~~2025, as we ~~increased~~invested ~~our investments~~ in ~~new~~more ~~stores~~existing ~~and~~store remodels. We anticipate capital expenditures in fiscal ~~2025~~2026 toin bethe ~~approximately~~range 23of $35 million to $40 million, primarily for ~~the~~ opening ofapproximately ~~three~~25 new stores and remodeling ~~existing~~approximately ~~stores,~~50 ~~combined with ongoing investments in our systems~~stores.

Share Repurchases

InNo shares were repurchased in the first ~~thirty-nine~~quarter ~~weeks~~of fiscal 2026. In the first quarter of fiscal 2025, we returned $6.3 million to ~~stockholders~~shareholders through share repurchases. ~~See Part II, Item 2 of this Report and Note 8 to the Financial Statements for more information.~~

Revolving Credit Facility

We have a revolving credit facility that matures in April 2030 and provides a $75 million credit commitment and a $25 million uncommitted “accordion” feature. Additional details of the credit facility are in Note 4 to the Financial Statements. At the end of the ~~third~~first quarter of ~~2025~~2026, we had no borrowings under the credit facility and $2.2 million in letters of credit outstanding.

Table of Contents

Cash Flows

Cash Flows From Operating Activities. Net cash provided by operating activities was $120.59 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 compared to ~~net~~ cash used ~~in operating activities~~ of $3211.30 million in the ~~same~~first ~~period~~quarter of ~~2024~~2025. ~~Significant~~Sources ~~sources~~ of cash ~~for~~in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 ~~included~~resulted from net ~~loss~~income adjusted for non-cash ~~items~~expenses totaling $4026.4 3 million (compared to a net ~~loss~~income adjusted for non-cash items of $1618.15 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2024~~2025), and an increase ~~in accrued compensation~~ of $712.56 million in ~~the~~accounts ~~first~~payable ~~thirty-nine weeks of 2025~~ (compared to ana ~~increase~~decrease of $221.9 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2024~~2025).

Significant uses of cash ~~from~~during ~~operating activities in~~ the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 included (1) a decrease of $3711.03 million ~~decrease~~ in accrued expenses and other long-term liabilities (compared to a decrease of $3519.94 million ~~decrease~~ in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2024~~2025) ~~due~~and ~~primarily to payments of operating lease liabilities;~~ (2) aan increase of $53.98 million ~~increase~~ in prepaid and other current assets (compared to aan ~~$2.3 million dollar~~ increase ~~in the first thirty-nine weeks~~ of ~~2024); and (3) a~~ $53.15 million ~~decrease~~ in ~~accounts payable (compared to a $17.9 million increase in~~ the ~~same~~first ~~period~~quarter ~~last~~of ~~year~~2025).

Cash Flows From Investing Activities. Cash used in investing activities was $45.38 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 compared to $72.61 million in the ~~same period last year. Source of cash of $11.2 million in the~~ first ~~thirty-nine~~quarter ~~weeks~~ of 2025 ~~was from the sale of a building~~. Cash used ~~of $15.5 million~~ in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~fiscal~~2026 ~~2025~~ and ~~$7.6~~2025 ~~million in the first thirty-nine weeks of fiscal 2024~~ consisted of purchases of property and equipment.

Cash Flows From Financing Activities. Cash used in financing activities was $70.10 million in the first ~~thirty-nine~~quarter ~~weeks~~ of ~~2025~~2026 compared to $06.94 million in the ~~same~~first ~~period~~quarter ~~last~~of ~~year~~2025. Cash used in ~~the~~ first ~~thirty-nine~~quarter ~~weeks~~ of ~~fiscal~~ 2025 ~~was~~included $~~0.8 million to settle withholding taxes on the vesting of restricted stock and $~~6.3 million for share repurchases, ~~compared~~and to $0.91 million ~~used in the first thirty-nine weeks of fiscal 2024~~ to settle withholding taxes on the vesting of restricted stock.

Cash Requirements and Commitments

Our principal cash requirements consist of (1) inventory purchases; (2) capital expenditures to invest in our infrastructure; and (3) operational needs, including salaries, occupancy costs, taxes and other operating costs. We may also use cash to fund any share repurchases, make any required debt payments and satisfy other contractual obligations. Historically, we have met these cash requirements using cash flow from operations and short-term trade credit. As of ~~November~~May 12, ~~2025~~2026, our contractual commitments for operating leases totaled $~~218~~226.05 million (with $64.13 million due within 12 months). See Note 1110 to the Financial Statements for more information regarding lease commitments.

Critical Accounting Policies

The preparation of our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

There have been no material changes to the Critical Accounting Policies outlined in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026.

Table of Contents

There have been no material changes to the Critical Accounting Policies outlined in our Annual Report on Form 10-K for the fiscal year ended February 1, 2025.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in our market risk during the ~~thirty-nine~~thirteen weeks ended ~~November~~May 12, ~~2025~~2026 compared to the disclosures in Part II, Item 7A of our Annual Report on Form 10-K for the fiscal year ended ~~February~~January 131, ~~2025~~2026.

Item 4. Controls and Procedures.

We have carried out an evaluation under the supervision and with the participation of management, including the principal executive officer and the principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of ~~November~~May 12, ~~2025~~2026 pursuant to Rules 13a-15 and 15d-15 of the Exchange Act. Based on that evaluation, the principal executive officer and the principal financial officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information has been accumulated and communicated to our management, including the officers who certify our financial reports, as appropriate, to allow timely decisions regarding the required disclosures.

Our disclosure controls and procedures are designed to provide reasonable assurance that the controls and procedures will meet their objectives. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended ~~November~~May 12, ~~2025~~2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

We are from time to time involved in various legal proceedings incidental to the conduct of our business, including claims by customers, landlords, employees or former employees. Once it becomes probable that we will incur costs in connection with a legal proceeding and such costs can be reasonably estimated, we establish appropriate reserves. While legal proceedings are subject to uncertainties and the outcome of any such matter is not predictable, we are not aware of any legal proceedings pending or threatened against us that we expect to have a material adverse effect on our financial condition, results of operations or liquidity.

Item 1A. Risk Factors.

There have been no material changes to the Risk Factors described under the section “~~ITEM~~Item 1A. RISK FACTORS” in our Annual Report on Form 10-K for the fiscal year ended ~~February~~January 131, ~~2025~~2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Information on Share Repurchases

The Company did not repurchase any shares in the ~~third~~first quarter of ~~2025~~2026. At ~~November~~May 12, ~~2025~~2026, $40.0 million remained under the Company’s stock repurchase authorization.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Table of Contents

Item 6. Exhibits.


3.1		Third Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on June 7, 2018).

3.2		Fourth Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on October 31, 2022).

31.1		Certification of Principal Executive Officer, Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+

31.2		Certification of Principal Financial Officer, Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.+

32.1		Certifications Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.+ †

101		Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.+

104		Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.+

+ Included herewith.

† Pursuant to Securities and Exchange Commission Release No. 33-8238, this certification will be treated as “accompanying” this Quarterly Report on Form 10-Q and not “filed” as part of such report for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of Section 18 of the Securities Exchange Act of 1934 and this certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, and the undersigned also has signed this report in her capacity as the Registrant’s ~~Chief Financial Officer (~~Principal Financial Officer).


	CITI TRENDS, INC.

Date: December 10, 2025
Date: June 10, 2026

	By:	/s/ Heather Plutino
	Name:	Heather Plutino
	Title:	Chief Financial Officer

Filing Compare · Citi Trends Inc