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By
Reuters
Published
May 20, 2009
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Citi Trends Q1 beats Street, raises FY09 outlook

By
Reuters
Published
May 20, 2009

May 20 (Reuters) - Citi Trends Inc (CTRN.O) posted first-quarter profit and revenue above analysts estimates, helped by reduced freight costs and lower markdowns due to tight inventory control, and raised its fiscal 2009 outlook, sending the fashion-apparel retailer's shares up 10 percent.



The company earned $7.9 million, or 54 cents a share, compared with $5.2 million, or 36 cents a share, a year earlier.

Net sales rose 18 percent to $143.1 million.

Three analysts on average were expecting earnings of 45 cents a share, before special items, while two analysts expected revenue of $141.1 million, according to Reuters Estimates.

For the fiscal year ending Jan. 31, 2010, the company now sees earnings of about $1.33 a share versus its prior outlook of $1.30 a share.

Shares of the company were trading at $25.00 after the bell. They closed at $22.72 Wednesday 20 May on Nasdaq. (Reporting by Amitha Rajan in Bangalore; Editing by Aradhana Aravindan)

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