By  on February 12, 2014

Shares of Citi Trends Inc. picked up more than 4 percent in morning trading Wednesday after the value-oriented urban fashion retailer reported a combination of lower fourth-quarter sales and reduced inventories and markdowns.

For the three months ended Feb. 1, the Savannah, Ga.-based specialty chain reported that sales declined 10.5 percent, to $157.2 million from $175.7 million, with $12 million of prior-year amount attributable to the extra, 14th week of the 2012 calendar. Eliminating the extra week in 2012, comparable-store sales were down 3.5 percent.

The company said comps rose 0.4 percent in November before turning negative, with declines of 4.6 and 6.5 percent in December and January, respectively.


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