Citi Trends Reports Disappointing Q1 Earnings

Citi Trends, Inc. CTRN reported Q1 FY2013 earnings Wednesday, quarter ended May 4, 2013.

The company reported that Q1 sales decreased 8.0% to $181.8 million compared with year-earlier sales of $197.7 million. Sales fell short of analyst estimates of $186.63 million, missing by $4.83 million. Earnings came in at $6.2 million, or $0.42 per diluted share, compared with year-earlier income of $10.1 million, or $0.69 per diluted share. Earnings fell short of analyst estimates of $0.56 per diluted share, missing by -25.00%.

Citi Trends closed at $12.42 on Tuesday, shares are trading up $0.65, or 5.23 percent, at time of publication.