Citi Trends Q3 Net Loss Sharply Widens

(RTTNews) - Specialty value retailer Citi Trends, Inc. (CTRN) reported Tuesday that net loss for the third quarter widened to $7.15 million or $0.86 per share from $3.86 million or $0.47 per share in the prior-year quarter.

Total sales for the quarter edged down 0.3 percent to $179.07 million from $179.52 million in the same quarter last year. Comparable store sales increased 5.7 percent.

On average, three analysts polled by Thomson Reuters expected the company to report a loss of $0.75 per share on sales of $178.48 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects total sales to decline in mid-single digits, with comparable store sales growth in the low to mid-single digits.

For the second half, the company expects total sales to be flat to down low-single digits, with comparable store sales growth in the low to mid-single digits.