NEWS - Local Breaking News

Savannah fashion retailer Citi Trends, Inc. today reported first quarter sales and earnings that, in addition to being first quarter records, were records for any quarter in the Company's history.

Total sales in the first quarter ended May 1, 2010 increased 26.8% to $181.4 million compared with $143.1 million in the first quarter ended May 2, 2009. Comparable store sales increased 9.6% in the first quarter of 2010 after a 7.4% increase in last year's first quarter. Net income was $12.4 million compared with $7.9 million in last year's first quarter. Earnings per diluted share increased 59.3% to $0.86 in the first quarter of 2010 compared with $0.54 in the first quarter of 2009.

The Company opened 19 stores, relocated or expanded 5 others, and closed 2 stores in the first quarter of 2010, reaching a total store count of 420 at the end of the quarter.

Fiscal 2010 Outlook

The Company is raising its 2010 earnings estimate to a range of approximately $1.75 to $1.80 per diluted share which includes an anticipated 2010 comparable store sales increase of approximately 4% to 5%.