Citi Trends’ stock tumbles after apparel retailer swung to a much wider-than-expected loss, citing a ‘more selective’ customer base

Shares of Citi Trends Inc. CTRN plunged 12.9% in premarket trading Tuesday after the urban fashion apparel retailer reported that it swung to a much wider-than-expected fiscal third-quarter loss on sales that fell more than forecast, as a more selective customer navigates higher costs of living. The net loss for the quarter to Oct. 28 was $3.9 million, or 47 cents a share, after net income of $24.6 million, or $3.02 a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 54 cents was wider than the FactSet loss consensus of 17 cents. Sales declined 6.7% to $179.5 million, below the…