The value of micro cap stock for Citi Trends, Inc. (NASDAQ:CTRN) was significantly lower on Wednesday after the discount clothing provider reported quarterly financial results that came in far lower than what analysts had expected, The Associated Press reports.
The retailer announced a loss of $7.9 million, or 54 cents per share, for the period ended July 28, compared to its loss of $10 million, or 69 cents per share, in the same period during 2011. The most recent earnings were worse than the loss of 44 cents per share, according to a FactSet poll.
The company posted a profit in the first quarter of 2012, however, it has struggled to keep its head above water since that period due to a major decline in same-store sales and an increase in clearance sales. The company has had to lower its estimates for new store openings due to the lower sales, and also announced it plans to slash jobs to offset the effects of its hurting bottom line, according to The Wall Street Journal.
As of 2:42 pm on August 15, Citi Trends shares were down 19.3 percent to $11.89 each.