Citi Trends Inc (CTRN), an off-price retailer of apparel, accessories and home trends, on Tuesday reported higher net income for the first quarter compared to same quarter prior year, supported by higher sales growth.
Following this the stock climbed around 15 percent in the pre-market trading.
For the Quarter Ended May 2 net income increased to $7.75 million or $0.91 per share from $0.87 million or $0.11 per share last year.
Total sales increased 14.4 percent to $230.86 million from $201.73 million in the previous year.
Comparable store sales grew by 13.9 percent compared to last year driven by increases in both traffic and basket.
Ken Seipel, Chief Executive Officer said, "Most importantly, our growth was driven by increased customer traffic and larger basket size, reinforcing that our customers are responding to our improved assortment, trend-right product, and compelling value". The Company reaffirmed its fiscal 2026 outlook, continuing to expect comparable store sales growth of 8 percent to 10 percent, Adjusted EBITDA of $35 million to $40 million.
In pre market activity on Nasdaq, shares of Citi Trends were up 14.95 percent, changing hands at $50.90, after closing Monday's regular session 3.76 percent lower.
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