Citi Trends (CTRN) Widens Q2 Loss Expectations

Citi Trends, Inc. (Nasdaq: CTRN), sees Q211 loss of 60 to 70 cents per share. The Street was looking for a loss of 12 cents per share.

From the release: "Citi Trends’ sales have continued to be much lower than expected. Comparable store sales were down 12% in both May and June and are expected to be down approximately 11% for the full second quarter. Additionally, the weakness in sales has 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."

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