US: Citi Trends reports third consecutive quarter of losses
Citi Trends saw losses continue to widen as the US clothing retailer recorded its third-consecutive quarter of losses.
The retailer reported a fourth-quarter net loss of $5.3m on Friday against income of $9.4m in the same period of the previous year. Sales grew 3.7% to $178.4m.
Over the full-year, the company reported a $10m net loss, against a $20.9m net profit in 2010. Over the year, the company said it opened 55 stores, relocated or expanded others and closed five outlets. SG&A expenses increased by 10.5% to $207m over the year.
Value-priced fashion retailer Citi Trends has narrowed its second-quarter losses as sales edged up 1.6%....
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