Stock Alert: Citi Trends Higher

(RTTNews) - 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.