Despite posting higher sales in the third fiscal quarter ended November 1, 2014, NASDAQ listed, apparel retailer Citi Trends, booked higher losses, from the year earlier quarter.
Citi Trends said its sales for the third quarter of 2014 were up 7.8 per cent to $156.7 million compared with $145.4 million in the third quarter ended November 2, 2013.
In the same period, comparable store sales increased 6.7 per cent from a year ago quarter.
However it reported higher losses at $2.2 million, or $0.15 per diluted share as against net loss of $1.7 million, or $0.11 per diluted share, in last year's third quarter.
SG&A expenses in this year's third quarter included $1.7 million legal settlement expense, which had a negative impact of $0.07 per diluted share in the third quarter of 2014.
On the other hand, last year's third quarter benefited from a pretax gain of $1.5 million on the sale its former distribution center, which had a positive impact of $0.06 per diluted share.
Year-to-date sales ascended 5.3 per cent to $489.7 million, up from $465.0 million in the same period of fiscal 2013, while comparable store sales increased 5.3 per cent.
Citi Trends however posted net income of $4.3 million, or $0.29 per diluted share, in the first three quarters of this year from net loss of $1.0 million, or $0.07 per diluted share from same period of last year.
Citi Trends is a value-priced retailer of urban fashion apparel and accessories and operates 511 stores located in 29 states. (AR)
