Citi Trends Down

Citi Trends, Inc. reported it expects to report a net loss in a range of $0.60 to $0.70 per diluted share for the second quarter ending July 30, 2011. Citi Trends’ sales continued to be much lower than expected, with comparable store sales down 12% in May and June and expected to be down approximately 11% for the full second quarter. Additionally, the weakness in sales necessitated higher clearance markdowns, further contributing to the quarterly loss. In light of the existing uncertain sales environment, the company will not undertake to estimate results for the full fiscal 2011 year at this time.