Urban fashion apparel retailer Citi Trends, Inc. (CTRN), Wednesday slipped to a loss in the second quarter from last year on higher expenses and lower sales. Earnings for the quarter was also impacted by a decline in gross margin that resulted from an increase in merchandise markdowns as well as a decline in comparable store sales. The company also provided earnings forecast for the full year 2009.
Quarterly net loss was $69 thousand compared to $2.846 million in the same quarter last year. On a per share basis, the company posted breakeven loss, compared to earnings of $0.20 in the comparable quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter. Analysts estimates typically exclude one-time special items.
Loss from operations for the quarter was $855 thousand, compared to income from operations of $3.969 million in the same quarter last year.
Net sales for the second quarter declined 3.5% to $111.605 million from $115.655 million in the same quarter a year ago, which was below Street expectations of $124.70 million.
Comparable store sales for the quarter declined 12.4%.
For the six-months period, net income declined to $7.860 million or $0.54 per share from $8.014 million or $0.56 per share in the same period last year.
Net sales for the period, however, rose to $254.702 million from $236.651 million in the same period a year ago.
Selling, general and administrative expenses for the quarter increased to $38.994 million from $36.877 million in the same quarter a year ago. Depreciation and amortization expenses increased to $4.455 million from $4.078 million in the comparable quarter last year.
Looking forward to the full year 2009, the company expects earnings in the range of $1.28 per share to $1.33 per share. Analysts currently expects earnings of $1.35 per share for the year.
CTRN closed Wednesday's trading at $28.23, up $0.24 or 0.86%, on a volume of 0.343 million. In the after hours the stock gained $0.28 or 1.00%, to trade at 28.27.
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