Savannah-based Citi Trends Inc. reported Friday that it had a net income of $1.5 million, or $0.10 per diluted share, in the fourth quarter of 2013 compared with a net loss of $0.7 million, or $0.05 per diluted share, in last year’s fourth quarter.
For the company’s fourth quarter that ended Feb. 1, Citi Trends reported total sales were down 10.5 percent to $157.2 million compared with $175.7 million in the 14 weeks ended Feb. 2, 2013. The company noted an extra week at the beginning of 2012’s fourth quarter contributed about $12 million to total sales.
Comparable store sales on a comparable weeks basis decreased 3.5 percent for the quarter, the company said.
Total sales for the 52-week fiscal year that ended Feb. 1 decreased 5.0 percent to $622.2 million compared with $654.7 million in the 53 weeks ended Feb. 2, 2013. The extra week at the beginning of last year contributed about $21 million.
Comparable store sales decreased 1.6 percent for the year.
Net income, however, reached $0.5 million, or $0.03 per diluted share, in fiscal 2013 compared with a net loss of $2.2 million, or $0.15 per diluted share, in fiscal 2012.
The company opened one store, relocated or expanded six others and closed nine stores in 2013.
Citi Trends Inc., a value-priced retailer of urban fashion apparel and accessories, operates 505 stores in 29 states.
For more information, go to www.cititrends.com.
