rue21 Climbs 7% on Q1 Results

Shares of retailer rue21 RUE are trading around 7% higher on Friday after the company released its first-quarter earnings results after the closing bell on Thursday. rue21 reported net income of $0.46 per share, versus $0.38 in the year ago period. This compared to Wall Street analysts' consensus EPS estimates of $0.43. Sales in the quarter were $205.6 million compared to $173 million in last year's corresponding quarter. This also came in ahead of Street consensus revenue estimates of $204.1 million. Same store sales at the company rose 1.7 percent versus the year earlier period. Gross margin fell to 38.8 percent compared to 38.9 percent last year. Looking ahead to the second-quarter, the company forecasts EPS of $0.32 to $0.34. This compares to analysts' consensus of $0.34. For fiscal 2012, RUE expects EPS of $1.76 to $1.81, above its previous guidance of $1.74 to $1.79. Wall Street is currently projecting that RUE will earn $1.79 per share for fiscal 2012.