Citi Trends expects greater 3Q loss as comps fall

SAVANNAH, Ga. - Citi Trends Inc. said Wednesday that it expects its third-quarter loss to more than double from last year, as same-store sales fell in the quarter amid fear of a global recession.

The urban fashion retailer said it will likely report a loss between 9 cents and 13 cents per share when it reports results Nov. 24. During the same period last year, the Savannah-based company lost 4 cents per share.

Analysts surveyed by Thomson Reuters expect the company to post a loss of a penny per share.

Same-store sales, an important retail industry metric of sales in stores open at least a year, fell 4.2 percent during the three months ending Nov. 3.

Sales rose 5.4 percent to $104.9 million. Analysts polled by Thomson Reuters expect $113 million in revenue.

Citi Trends shares fell $2.04, or 13 percent, to close at $13.69. The stock has ranged from $10.76 to $28.12 over the past year.

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