US: Citi Trends swings to Q4 loss
By Petah Marian | 18 March 2013
US clothing retailer Citi Trends swung to a fourth quarter loss after recording disappointing sales over the period.
Losses reached US$700,000 over the quarter ended 4 February, against a profit of $5.3m in the same period of the prior year.
Sales declined 1.5% to $175.7m. In February, the company issued a profit warning, attributing the declines to the Internal Revenue Service (IRS) delaying 2012 tax refunds.
Over the full year, losses narrowed to $2.2m, from a loss of $10m in the prior year. Sales were up 2.2% to $654.7m, while comparable store sales declined 5.6% over the year.
Expert analysis
Apparel Specialist Retailers in the US
As in other channels, the search for value continued to benefit off-price retailers in apparel. The TJX Cos Inc, which specialises in discount apparel, continued to see sales improve at its TJ Maxx and Marshalls brands. Other off-price retailers that are finding sales successes include Ross Stores and Burlington Coat Factory. In a similar vein, full-price retailers’ own-branded outlets, which offer overstock and unsold inventory, are also growing rapidly to take advantage of thrifty consumer...
Companies: Citi Trends
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