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Citi Trends fiscal Q3 loss narrows YOY

Citi Trends Inc. said its normalized net income for the fiscal third quarter ended Nov. 1 was a loss of 6 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share loss decreased 64.3% year over year from 18 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $965,630, compared with a loss of $2.7 million in the prior-year period.

The normalized profit margin rose to negative 0.6% from negative 1.8% in the year-earlier period.

Total revenue rose 7.8% on an annual basis to $156.7 million from $145.4 million, and total operating expenses climbed 5.7% year over year to $158.2 million from $149.7 million.

Reported net income totaled a loss of $2.2 million, or a loss of 15 cents per share, compared to a loss of $1.6 million, or a loss of 11 cents per share, in the prior-year period.