Citi Trends widens Q3 loss on charges
- Q3 net loss widens to US$2.2m
- Total sales grow 7.8%
- Comparable sales up 6.7%
US value fashion retailer Citi Trends has widened its net loss in the third quarter thanks to one-off charges.
In the three months ended 1 November, net losses amounted to US$2.2m from a loss of $1.7m a year earlier.
The 2014 quarter included expenses of $1.7m related to a legal settlement, while last year's third-quarter benefited from a pre-tax gain of $1.5m on the sale of the company's former distribution centre.
Total sales in the quarter increased 7.8% to $156.7m compared with $145.4m in the year ago quarter. Comparable store sales were up 6.7%.
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