• Q2 losses narrow to $5.5m from $7.9m
  • Sales rose 4.2% to $137.8m versus $132.3m
  • Comparable store sales climbed 1.7%

Value-priced apparel retailer Citi Trends has seen its second quarter losses narrow, thanks to higher sales.

The company today (21 August) said its net losses reached US$5.5m during the 13 weeks to 3 August, compared to $7.9m in the same period of last year.

Sales rose 4.2% to $137.8m from $132.3m in the prior year, while comparable store sales climbed 1.7%.

Citi Trends closed two stores in the quarter, taking its total number of stores to 506.

However, during the first half, net income plummeted 69.2% to $671,000 from $2.2m last year. Sales slipped 3.1% to $319.6m from $330m in the previous year, and comparable store sales edged down 1.7%.