CTRN - Why Citi Trends Stock Trended Down Today
2023-11-28 15:43:43 ET
Shares of fashion apparel retailer Citi Trends (NASDAQ: CTRN) tumbled 11.2% through 2:45 p.m. ET on Tuesday after the company reported a massive (and much larger than expected) loss for the third quarter this morning.
Heading into the quarter, analysts were already feeling pretty gloomy about the quarter, predicting Citi Trends would lose $0.17 per share (adjusted for one-time items) on $186 million in sales.
But things turned out much worse. Sales missed by only about 3.5%, coming in at $179.5 million. Citi Trends' loss, however, was a whopping $0.56 per share -- three times as bad as expected.
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Why Citi Trends Stock Trended Down Today