Value-priced apparel retailer Citi Trends has posted an increased third-quarter net income on net and same-store sales increases.

Profit was US$2.8m for the third-quarter period compared with $2.6m last year. Net sales grew 24.6% to $87.1m from $69.9m a year ago as same-store sales increased 6.2%.

Citi has upped its fiscal 2006 earnings prediction to a range of $1.43 to $1.47 per diluted share based on an anticipated fiscal 2006 same-store sales increase of between 7% and 9%, the opening of 41 to 42 new stores, and 14.1m diluted shares outstanding.

The company is initiating 2007 earnings guidance at a range of $1.73 to $1.77 per diluted share based on an anticipated fiscal 2007 comparable store sales increase of between 3% and 4%, the opening of 48 to 51 new stores.