UPDATE: Citi Trends Posts Upbeat Q2 Results, Shares Surge
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.
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