Citi Trends, Inc. CTRN 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.
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