Value-priced fashion retailer Citi Trends Inc has widened its second quarter loss after higher sales failed to offset tough comparisons with the year-ago period.
The company booked a net loss of $567,000 or $0.04 per share, compared with a loss of $69,000 or $0.00 last time. However, the prior year’s results benefited from a tax gain of $671,000.
For the first half of the year, however, profit increased 51.2% to $11.9m.
Sales increased 15.6% to $129.0m in the three months to 31 July, compared with $111.6m a year ago. But comparable store sales fell 0.6%.
The company, which operates 425 stores, said it expects full-year earnings in a range of $1.60 to $1.70 per share, with a same-store sales increase of flat to 2% in the last half of 2010.
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