Plus   Neg

Stock Alert: Citi Trends Higher

Shares of Citi Trends, Inc. (CTRN) are spiking more than 7% on Thursday morning at $17.28. It has traded in the range of $6.70- $24.78 in the last 52-weeks.

The apparel retailer, while reporting first-quarter results today, said that after reopening most of its stores, it is seeing comparable-store sales substantially above expectations at about four weeks into the second quarter. Citi Trends expects comparable-store sales to increase in mid to high single digits in the quarter.

On an adjusted basis, first-quarter loss was $1.94 per share compared with earnings of $0.72 per share in the same quarter a year ago.

Net sales decreased 43.4% to $116.12 million from $205.03 million last year as the chain stores were closed from mid-March to April end.

"The health of our balance sheet pre-COVID-19 helped us to manage through this uncertain period, and along with the prudent actions we have taken, we believe we are in a strong financial position to weather the current environment," David Makuen, Chief Executive Officer, said.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Intelligent Investor.
Editors Pick
Chico's FAS Inc. (CHS) Tuesday reported a wider year-over-year net loss for the fourth quarter. Meanwhile, Kohl's Corp.'s (KSS) fourth-quarter net income grew 29 percent from the previous year. But Abercrombie & Fitch Co.'s (ANF) fourth-quarter net income decreased 1 percent from the prior year. The U.S. Food and Drug Administration has approved the marketing of a new robotically-assisted surgical device (RASD) that can facilitate transvaginal hysterectomy in certain patients using minimally-invasive surgical instruments. The Hominis Surgical System of Memic Innovative Surgery Ltd., the U.S. subsidiary of Israeli biotechnology company memic Ltd., has been granted marketing authorization. Canadian cannabis company Canopy Growth Corp. (CGC, WEED.TO) announced Tuesday the launch of its Cannabidiol (CBD) beverage brand Quatreau in the high-potential U.S. market. Quatreau will be sold on Canopy's one-stop U.S. e-commerce destination, www.shopcanopy.com. Quatreau is a premium ready-to-drink...
Follow RTT