Citi Trends jumps after H2 sales forecast raise

Citi Trends

03/12/2024 13:46

** Shares of apparel, accessories retailer Citi Trends
 CTRN.O  jump 9% to $22.65 premarket 
    ** Company raises second half FY24 same-store sales growth
forecast to low to mid-single digit percentage range, compared
to its prior forecast of flat to low-single digit percentage
rise
    ** CTRN expects to see bargain hungry shoppers shopping at
its stores for discounted items, its major base are
African-American customers
    ** CEO Ken Seipel says company saw "strong early results" of
the holiday period
    ** Co raises Q4 comparable store sales growth forecast to
low to the mid-single digits percentage range
    ** However, CTRN's Q3 sales fell 0.3% to $179.1 mln
    ** Co's quarterly net loss widened to $7.15 million, or 86
cents per share, from $3.86 million or 47 cents per share a year
earlier 
    ** Up to last day's close, stock had fallen nearly 27% YTD 

 (Reporting by Aamir Sohail in Bengaluru)
 ((Aamir.Sohail@thomsonreuters.com;))