Citi Trends Inc. (NASDAQ:CTRN) reported first quarter earnings before market open today, that came in line with street view.
On a GAAP basis, CTRN reported net income of $ 8.89 million or 60 cents per share, compared with income of $ 8.74 million or 60 cents per share, a year ago period.
Excluding special items, the company announced adjusted earnings of $ 9.98 million or $ 0.68 per share.
Headquartered in Savannah, Georgia, CTRN recorded Net Sales that rose 3% to $ 199.96 million from $ 193.67 million in the same quarter last year.
Analysts polled by Thomson Reuters expected Citi Trends to reveal income of $ 0.68 per share on revenue of $ 200.00 million for the first quarter. Analysts estimates generally exclude one time charges / gains.
Bruce Smith, Acting CEO, commented: Despite a challenging start to the quarter which was negatively impacted by later tax refund disbursements, we are pleased to have delivered positive comparable store sales and a 14% increase in net income adjusted for proxy contest expenses
The Board of Directors has declared a quarterly dividend of $0.08 per common share, reflecting a 33% increase in the dividend rate as announced previously, payable on June 13, 2017, to shareholders of record as of the close of business on May 30, 2017.