Citi Trends Reports Q2 Profit

reported a profit in the second quarter on Wednesday. The Savannah, Georgia-based company posted quarterly net income of $0.2 million, or $0.01 per share, versus a year-ago net loss of $2.6 million, or $0.17 per share. Its total sales in the second quarter rose 6.1 percent to $153.9 million from $145.0 million. However, analysts were expecting a loss of $0.12 per share on revenue of $153.70 million. The average estimate among 3 Estimize users was for a loss of $0.11 per share and revenue of $154.13 million. Its comparable store sales surged 3.9 percent in the quarter. The company's board approved a cash dividend payment at an annual rate of $0.24 per share and a share buyback program of up to $15 million. "We believe the commencement of cash dividends, coupled with the new share repurchase program, underscores our continued commitment to building shareholder value and reflects our financial strength as well as the Board's confidence in our business and strong cash flow," said Jason Mazzola, President and Chief Executive Officer. "At the same time, we remain committed to investments in Company growth and other long-term initiatives to enhance shareholder value." Citi Trends shares gained 0.49 percent to close at $22.74 yesterday.