Citi Trends Posts Better-Than-Expected Q1 Earnings, But Sales Miss Expectations

reported upbeat earnings for the first quarter, but the company's sales came in slightly below analysts' estimates. The Savannah, Georgia-based company reported a quarterly profit of $11.3 million, or $0.74 per share, versus a year-ago profit of $9.1 million, or $0.61 per share. Its total sales climbed 3.7 percent year-over-year to $194.9 million from $188.0 million. However, analysts were expecting a profit of $0.73 per share on revenue of $196.03 million. Its same-stores sales rose 1.8 percent in the quarter. The company's gross margin increased to 39.7 percent, versus 39 percent. During the first quarter, Citi Trends opened 4 new stores. Citi Trends shares fell 0.98 percent to close at $23.31 yesterday.