Citi Trends Inc reported results for the first quarter ended May 3, 2008.
Financial Highlights - First quarter ended May 3, 2008: Total sales in the first quarter ended May 3, 2008 increased 13.5% to $121.0 million compared with $106.6 million in the first quarter ended May 5, 2007.
Comparable store sales increased 0.3% in the first quarter. Net income was $5.2 million compared with $5.7 million in last year's first quarter. Earnings per diluted share was $0.36 in the first quarter of 2008 compared with $0.40 in 2007.
The Company opened 12 stores and relocated or expanded 4 others in the first quarter of 2008, reaching a total store count of 331 at the end of the quarter.
Fiscal 2008 Outlook: The Company is maintaining its estimate of 2008 earnings in a range of $1.10 to $1.15 per diluted share. This guidance is based upon an anticipated 2008 comparable store sales increase of 2% to 3%. For the year, the Company expects to increase selling square footage by at least 15%. The effective tax rate for 2008 is estimated to be 32%.
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