US: Higher sales boost Citi Trends Q1 profit
- Q1 profit jumps 47% to $9.1m
- Sales up 3.4% to $188m
- Comparable store sales rise 4.2%
Value fashion retailer Citi Trends has seen its first-quarter jump 47% on the back of higher sales and comparable store sales.
Net income reached US$9.1m for the 13 weeks to 3 May, compared to $6.2m in the same period last year.
Total sales increased 3.4% to $188m from $181.8m in the prior year, while comparable store sales were up 4.2%.
Citi Trends Announces First Quarter 2014 Results
First quarter 2014 earnings per share of $0.61 compared with $0.42 last year
Comparable store sales increased 4.2% in first quarter
SAVANNAH, Ga.--(BUSINESS WIRE)-- Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the first quarter of fiscal 2014.
Financial Highlights - First quarter ended May 3, 2014
Total sales in the first quarter ended May 3, 2014 increased 3.4% to $188.0 million compared with $181.8 million in the first quarter ended May 4, 2013. Comparable store sales increased 4.2% in the quarter.
The Company had net income of $9.1 million, or $0.61 per diluted share, in the first quarter of 2014 compared with $6.2 million, or $0.42 per diluted share, in last year's first quarter.
Investor Conference Call and Webcast
Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2908. A replay of the conference call will be available until May 28, 2014, by dialing (402) 977-9140 and entering the passcode, 21705726.
The live broadcast of Citi Trends' conference call will be available online at the Company's website, www.cititrends.com, as well as http://www.cititrends.com/http/ircititrendscom, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 505 stores located in 29 states. Citi Trends' website address is www.cititrends.com.
Original source: http://ir.cititrends.com/releasedetail.cfm?ReleaseID=849276
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