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Citi Trends fiscal Q2 loss narrows YOY

Citi Trends Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to a loss of 20 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 28 cents per share.

The per-share loss decreased 40.1% year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.0 million, compared with a loss of $5.0 million in the year-earlier period.

The normalized profit margin increased to negative 2.1% from negative 3.6% in the year-earlier period.

Total revenue rose 5.2% on an annual basis to $145.0 million from $137.8 million, and total operating expenses rose on an annual basis to $149.8 million from $145.9 million.

Reported net income totaled a loss of $2.5 million, or a loss of 17 cents per share, compared to a loss of $5.5 million, or a loss of 37 cents per share, in the prior-year period.