US: Citi Trends moves to Q4 profit
- Q4 earnings of US$1.5m
- Net sales drop 10.5%
- Comparable sales fall 3.5%
Value fashion retailer Citi Trends has moved to a profit in its fourth-quarter and booked an increase in revenues.
Earnings reached US$1.5m in the three months ended 1 February. This compared to a net loss of $0.7m in the year ago period.
Total sales in the period, however, dropped 10.5% to $157.2m from $175.7m a year earlier. An extra week at the beginning of last year contributed around $21m to the 2012 figure. Comparable store sales were down 3.5% for the quarter.
Value fashion retailer Citi Trends has narrowed its net loss in the second quarter and revealed growing sales....
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