Upbeat Results Drive Up Citi Trends Shares

(RTTNews) - Shares of Citi Trends, Inc. (CTRN), a value retailer of fashion apparel, accessories, and home goods, are surging more than 24% Tuesday morning after reporting better-than-expected third-quarter results.

The company reported net income of $24.59 million or $3.02 per share in the third quarter, higher than 9.01 million or $1.03 per share in the same quarter a year ago.

Excluding one-time items, earnings were 0.24 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.06 loss per share.

The company had registered a net loss of $1.08 million or $0.09 per share in the third quarter of 2019.

Quarterly sales were $192.3 million 15.6% lower than last year , but a 5.1% increase from the third quarter of 2019.

The consensus estimate stands at $185.47 million.

Looking forward, Citi Trends has confirmed its guidance for the second half. The company expects sales to increase in low-single digits in the second half compared with first half.

CTRN, currently at $28.90, has traded in the range of $15.48-$97.14 in the last 1 year.