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.
"I was driving back on Saturday afternoon from the beach, and I just saw this sign saying 'Skydiving for $95.' And I was like, I can't not sky dive for $95," says Tom Bateman about a moment in Hawaii while shooting "Snatched." #wwdeye (📷: @vsteves; Interview by @ktauer; Styled by @thealexbadia)