UPDATE: Citi Trends Posts Upbeat Q1 Profit
Citi Trends Inc (NASDAQ: CTRN) reported a 16% drop in its fiscal first-quarter profit.
Citi Trends posted its quarterly profit at $10.1 million, or $0.69 per share, versus $12.1 million, or $0.83 per share, in the year-ago period. Its sales climbed 4.5% to $197.7 million.
Analysts were expecting earnings of $0.48 per share on sales of $196 million.
Its gross margin declined to 37.8% from 39.7%. Same-store sales fell 5%.
Citi Trends shares closed at $12.18 yesterday.
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