Citi Trends Inc. (NASDAQ: CTRN) reported Friday that sales for the fourth quarter that ended Feb. 2 were down from the same quarter a year ago while sales for the full fiscal year increased 2.2 percent to $654.7 million compared to $640.8 million a year earlier.
The Savannah-based urban fashion retailer’s 2012 fiscal year contained 53 weeks compared with the traditional 52 weeks in fiscal 2011; so sales comparisons for the fourth quarter and full year to the same periods in 2011 are affected by an extra week of sales in 2012.
Total sales in the 14-week quarter ended Feb. 2 decreased 1.5 percent to $175.7 million compared with $178.4 million in the 13-week quarter ended Jan. 28, 2012. The extra week contributed $8.8 million to total sales in fiscal 2012. Fourth-quarter comparable store sales decreased 11.8 percent year to year.
A net loss of $0.7 million was recognized in the fourth quarter of 2012 compared with a net loss of $5.3 million in last year’s fourth quarter.
For the full year, comparable store sales decreased 5.6 percent.
A net loss of $2.2 million was recognized in fiscal 2012 compared with a net loss of $10.0 million in fiscal 2011.
The company opened four stores, relocated or expanded four others and closed two stores in 2012. The company operates 513 stores located in 29 states.
For more information, go to www.cititrends.com.