Citi Trends Inc. (CTRN) reported that its first-quarter net income decreased to $6.2 million or $0.42 per share from $10.1 million or $0.69 per share, last year.
Total sales decreased 8.0% to $181.8 million from $197.7 million prior year. Comparable store sales decreased 4.1%.
Ed Anderson, Chairman and Chief Executive Officer, said, "Our first quarter began slowly, but sales started to improve once the weather turned warm after Easter. Comparable store sales on a comparable weeks basis were down 7% in February and 8% in March, before increasing 9% in April. In addition, comparable store sales are up 2% in the first two weeks of the second quarter."
On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.56 for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $186.63 million for the quarter.
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