Citi Trends Q3 Profit Rises Above Estimates; Ups Annual Earnings View Better Than Consensus

(RTTNews) - Citi Trends, Inc. (CTRN) on Tuesday reported higher net income in the third quarter, above the consensus estimate, helped by growth in revenue. The discount apparel retail chain also raised its full-year earnings outlook, better than analysts' view.

Net income in the third quarter was $9.01 million or $1.03 per share, higher than $6.97 million or $0.67 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.45 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $227.96 million from $199.1 million last year. The consensus estimate was for $220.67 million.

For the full-year, the company has raised its EPS outlook to the range of $6.95 - $7.10 from prior range of $6.30 to $6.50. Analysts see earnings of $6.54 per share for the year.

Sales for the full-year is expected in the range of $1.0 billion to $1.015 billion. The consensus estimate stands at $995 million.

Further, the company's Board announced a $30 million share buyback program.

Citi Trends shares are up more than 2% in pre-market at $80.15. The stock closed at $78.25, up $0.11 or 0.14% on Monday.