UPDATE: Citi Trends Posts Upbeat Q1 Profit

Citi Trends Inc

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.