First quarter profit at Citi Trends, the US-based value-priced retailer, has fallen 8.8% despite higher sales.

First quarter net income was US$5.2m, compared with $5.7m in last year's first quarter, the company said yesterday (21 May).

Total sales in the first quarter increased 13.5% to $121.0m from $106.6m last time. Same-store sales rose 0.3% in the first quarter.

Citi Trends opened 12 stores and relocated or expanded four others in the first quarter, reaching a total store count of 331.

The retailer maintained its estimate of 2008 earnings in a range of $1.10 to $1.15 per diluted share. This guidance is based upon an anticipated 2008 same-store sales increase of 2% to 3%.