Trade Resources Industry Views Citi Trends,Inc. Reported Results for The Third Quarter of Fiscal 2013

Citi Trends,Inc. Reported Results for The Third Quarter of Fiscal 2013

Citi Trends, Inc. reported results for the third quarter of fiscal 2013.

Financial Highlights — Third quarter ended November 2, 2013

Total sales in the third quarter ended November 2, 2013 decreased 2.4% to $145.4 million compared with $149.0 million in the third quarter ended October 27, 2012. Comparable store sales increased 0.6% in the third quarter on a comparable weeks basis.

Net loss was $1.7 million, or $0.11 per diluted share, in the third quarter of fiscal 2013, compared with a net loss of $3.7 million, or $0.25 per diluted share, in the third quarter of fiscal 2012.

This year's third quarter benefited by a pretax gain of $1.5 million on the sale of the Company's former distribution center. The gain had a positive impact on loss per diluted share of $0.06 in the third quarter of fiscal 2013.

The Company closed one store and relocated or expanded three stores in the third quarter of 2013, resulting in a total store count of 505 at the end of the quarter.

Financial Highlights — First three quarters ended November 2, 2013

Total sales in the first three quarters of fiscal 2013 decreased 2.9% to $465.0 million compared with $479.0 million in the same period of fiscal 2012. Comparable store sales decreased 1.0% on a comparable weeks basis.

Net loss was $1.0 million, or $0.07 per diluted share, in the first three quarters of this year, compared with a net loss of $1.5 million, or $0.10 per diluted share, in last year's first three quarters.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 505 stores located in 29 states.

Source: http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=156333
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Apparel Retailer Citi Trends Q3 FY’14 Sales Fall 2.4%