Shares of Citi Trends (NASDAQ:CTRN) experienced a significant drop today, reaching $22.22, which marks a decline of over 15%. This downturn comes on the heels of the retailer's third-quarter financial results, which indicated a stark reversal from last year's profit to a loss. In the same quarter last year, Citi Trends reported earnings of $3.02 per share, but the latest figures show a loss of $0.47 per share.
The company's adjusted earnings were even more concerning, with a reported loss of $0.56 per share, far exceeding the Thomson-Reuters analysts' projection of a $0.17 per share loss. This discrepancy highlights a more profound shortfall than anticipated by the market experts.
In addition to the earnings miss, Citi Trends' revenue for the quarter also fell short of expectations. The reported revenue was $179.52 million, a decrease of 6.7% from the forecasted $186.03 million. This decline in sales contributed to the sharp decrease in the company's stock value.
The current stock price reflects a volatile year for Citi Trends, with the stock having oscillated between a low of $14.21 and a high of $34.94 over the past year.
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