Citi Trends, a value-priced retailer of urban fashion apparel and accessories reduced its net loss by more than 50 percent from a year earlier in the second fiscal quarter ending August 2, 2014.
In the second fiscal quarter of 2014, net loss stood at $2.6 million, or a negative $0.17 per diluted share, compared to a net loss of $5.5 million, or a negative $0.37 per diluted share from the second fiscal quarter of 2013.
Total sales in the second quarter ended August 2, 2014 rose 5.2 percent to $145.0 million compared with $137.8 million in the second quarter ended August 3, 2013. Comparable store sales increased 5.3 percent in the same period.
Total sales in the first half of 2014 increased 4.2% to $333.0 million compared with $319.6 million in the first half of 2013. Comparable store sales increased 4.7% in the first half of this year.
Net income in the first half of 2014 went up to $6.5 million against $0.7 million in last year's first half. Earnings per diluted share stood at $0.43 in the first half of 2014 compared with $0.05 in the first half of 2013.
