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Citi Trends 4Q loss narrows, tops Street's view

SAVANNAH, Ga. (AP) -- Citi Trends' fourth-quarter loss narrowed on lower asset impairments.

The clothing and accessories company lost $704,000, or 5 cents per share, for the period ended Feb. 2. A year earlier the company lost $5.3 million, or 36 cents per share.

Analysts predicted a loss of 7 cents per share, according to a FactSet poll.

The current quarter, which had an extra week, included an asset impairment of $517,000. In the prior-year period its asset impairment was $4.2 million.

Depreciation and amortization expenses also declined to $5.8 million from $6.6 million.

Revenue fell 2 percent to $175.7 million from $178.4 million, but met Wall Street's expectations.

Revenue at stores open at least a year dropped 11.8 percent. This metric is considered a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

For the year, Citi Trends Inc. lost $2.2 million, or 15 cents per share. That compares with a loss of $10 million, or 69 cents per share, in the previous year.

Full-year revenue climbed 2 percent to $654.7 million from $640.8 million.

Revenue at stores open at least a year fell 5.6 percent.

Citi Trends, which is based in Savannah, Ga., has 513 stores in 29 states.