Citi Trends (CTRN) posted third quarter net income of $0.60 million or $0.04 per share, compared to a loss of $0.68 million or $0.05 per share in the third quarter last year.
On average, five analysts polled by Thomson Reuters expected the company to report a loss of $0.01 per share. Analysts' estimates typically exclude special items.
Total sales in the third quarter increased 21.4% to $127.4 million from $104.9 million in the year-ago quarter. Comparable store sales increased 6.3% in the third quarter.
Four Wall Street analysts expected revenues of $121.02 million for the third quarter.
The company said the sales and earnings in this year's third quarter benefited from a strong back-to-school season and a favorable comparison to last year's third quarter which was impacted by less discretionary spending by consumers on apparel due to abnormally high gasoline and food prices.
Looking forward, for the fiscal year 2009, the company estimates earnings to be in a range of $1.30 to $1.35 per share. Previously, the company expected earnings in the range of $1.28 to $1.33 per share.
The company said the guidance is based upon an anticipated comparable store sales increase of 1% to 3% in the fourth quarter.
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