Citi Trends Q2 Loss Narrows - Quick Facts

(RTTNews) - Citi Trends Inc. (CTRN) reported that net loss for the second quarter of 2013 narrowed to $5.5 million or $0.37 per share, from $7.9 million or $0.54 per share in the second quarter of 2012. Analysts polled by Thomson Reuters expected the company to report a loss of $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales in the second quarter increased 4.2% to $137.8 million compared with $132.3 million last year. Four analysts had consensus revenue estimate of $138.15 million for the quarter. Comparable store sales increased 1.7% in the second quarter on a comparable weeks basis.

The Company closed two stores in the second quarter of 2013, resulting in a total store count of 506 at the end of the quarter.

The company's net income for first half of fiscal 2013 decreased to $0.7 million compared with $2.2 million in last year's first half. Earnings per share were $0.05 in the first half of 2013 compared with $0.15 in 2012's first half.

Total sales in the first half of fiscal 2013 decreased 3.1% to $319.6 million compared with $330.0 million in the first half of fiscal 2012. Comparable store sales decreased 1.7% in the first half of this year.