Apparel retailer Citi Trends Q3 FY'14 sales fall 2.4%

Financial Highlights — Third quarter ended November 2, 2013

Total sales in the third quarter ended November 2, 2013 decreased 2.4% to $145.4 million compared with $149.0 million in the third quarter ended October 27, 2012. Comparable store sales increased 0.6% in the third quarter on a comparable weeks basis.

Net loss was $1.7 million, or $0.11 per diluted share, in the third quarter of fiscal 2013, compared with a net loss of $3.7 million, or $0.25 per diluted share, in the third quarter of fiscal 2012.

This year's third quarter benefited by a pretax gain of $1.5 million on the sale of the Company's former distribution center. The gain had a positive impact on loss per diluted share of $0.06 in the third quarter of fiscal 2013.

The Company closed one store and relocated or expanded three stores in the third quarter of 2013, resulting in a total store count of 505 at the end of the quarter.

Financial Highlights — First three quarters ended November 2, 2013

Total sales in the first three quarters of fiscal 2013 decreased 2.9% to $465.0 million compared with $479.0 million in the same period of fiscal 2012. Comparable store sales decreased 1.0% on a comparable weeks basis.

Net loss was $1.0 million, or $0.07 per diluted share, in the first three quarters of this year, compared with a net loss of $1.5 million, or $0.10 per diluted share, in last year's first three quarters.

About Citi Trends

Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 505 stores located in 29 states.

Citi Trends