Citi Trends, Inc. (CTRN) - Bear of the Day
December 28 2011 - 7:00PM
Zacks
Citi Trends, Inc. (CTRN) falling comparable store sales,
coupled with rising operating expenses battered the third-quarter
2011 results. The company incurred a quarterly loss of $0.38 per
share that broadened from the prior-period loss of $0.03. The Zacks
Consensus Estimate for the quarter was a loss of $0.37 per share.
Further, due to uncertainty hovering around sales given the
global economic unrest, the company rolled back its earnings
guidance range of $1.25 to $1.35 per share for fiscal 2011. The
company decided not to provide any guidelines unless it finds any
near-term catalysts to drive sales.
Intense competition from other retailers, seasonal nature of
business and risks associated with sourcing merchandise from
developing countries may further undermine the company's future
growth prospects. Currently, we are maintaining a long-term
Underperform recommendation on the stock.
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