Value-priced fashion retailer Citi Trends Inc has widened its second quarter loss after higher sales failed to offset tough comparisons with the year-ago period.
The company booked a net loss of $567,000 or $0.04 per share, compared with a loss of $69,000 or $0.00 last time. However, the prior year’s results benefited from a tax gain of $671,000.
For the first half of the year, however, profit increased 51.2% to $11.9m.
Sales increased 15.6% to $129.0m in the three months to 31 July, compared with $111.6m a year ago. But comparable store sales fell 0.6%.
The company, which operates 425 stores, said it expects full-year earnings in a range of $1.60 to $1.70 per share, with a same-store sales increase of flat to 2% in the last half of 2010.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
