Palm Beach, FL 5/16/12 (StreetBeat) -- Citi Trends, Inc. (NASDAQ: CTRN) today reported results for the first quarter of fiscal 2012.
Financial Highlights – First quarter ended April 28, 2012
Total sales in the first quarter ended April 28, 2012 increased 4.5% to $197.7 million compared with $189.2 million in the first quarter ended April 30, 2011. Comparable store sales decreased 5.0% in the first quarter. Net income was $10.1 million, or $0.69 per diluted share, in the first quarter of 2012, compared with $12.1 million, or $0.83 per diluted share, in last year’s first quarter.
The Company opened two stores, relocated one store, and closed two stores in the first quarter of 2012, resulting in a total store count of 511 at the end of the quarter.
Investor Conference Call and Webcast
Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2906. A replay of the conference call will be available until May 23, 2012, by dialing (402) 977-9140 and entering the passcode, 21575848. The live broadcast of Citi Trends' quarterly conference call will be available online at the Company's website,www.cititrends.com, as well as http://ir.cititrends.com/events.cfm, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and continue through May 23, 2012.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
About Citi Trends
Citi Trends, Inc. is a value-priced retailer of urban fashion apparel and accessories for the entire family. The Company operates 511 stores located in 29 states. Citi Trends’ website address iswww.cititrends.com. CTRN-E
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