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UPDATE: Citi Trends Posts Upbeat Q2 Results, Shares Surge

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Shares of Citi Trends (NASDAQ: CTRN) jumped more than 5% in pre-market trading after the company reported a narrower-than-expected loss for the second quarter.

The Savannah, Georgia-based company posted a quarterly net loss of $2.6 million, or $0.17 per share, versus a year-ago net loss of $5.5 million, or $0.37 per share.

Its total sales rose 5.2% to $145.0 million from $137.8 million. However, analysts were expecting a loss of $0.28 per share on revenue of $141.30 million.

Citi Trends' comparable store sales climbed 5.3% in the quarter.

Citi Trends' total sales in the first half of fiscal 2014 surged 4.2% to $333.0 million, while net income climbed to $6.5 million from $0.7 million.

Citi Trends shares rose 5.16% to $22.64 in pre-market trading.

Posted-In: lossEarnings News

 

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