By Denny Jacob
Citi Trends shares surged 16% in premarket trading following better-than-expected first-quarter results.
Shares were trading around $31.40. The stock was up 2.9% on the year as of Monday's close.
The off-price retailer on Tuesday said it logged fiscal first-quarter net income of $871 million on sales of $201.7 million, or 11 cents a share, compared with a loss of $3.4 million on sales of $186.3 million, or 42 cents a share, in the prior-year period. The Savannah, Ga., company now expects comparable-store sales growth of mid-single single digits for fiscal 2025, at the high end of its previous outlook of low- to mid-single digit growth.
Chief Executive Ken Seipel said sales momentum from the first quarter has continued with second-quarter to-date comparable-store-sales growth trending in the mid- to upper-single digits.
D.A. Davidson's Michael Baker and Keegan Cox said in a research note that the numbers were better than they had expected--and that the company's results, plus increased guidance, make it "one of only two 'beat,' 'beat,' 'raise' companies in our coverage universe this earnings season."
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
June 03, 2025 09:02 ET (13:02 GMT)
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