Citi Trends, Inc. (CTRN) continues to top analyst forecasts as it expands across the U.S.

Company Description

Citi Trends offers apparel and accessories for the whole family and looks to deliver a good value to its customers. The company’s 365 stores are scattered from Texas to the Mid-Atlantic, with the headquarters in Savannah, Georgia.

Sales Up 18%

The retailer reported an 18% year-over-year increase in sales when it announced first-quarter results on May 20. Total sales for the quarter were $143 million, up from $121 million. Comparable stores rose 7.4%, driving net income higher, along with the 8 new stores.

Net income was up 52% to $7.9 million, up from $5.2 million. This translated to $0.54 per share, up from $0.36 in the same period last year.

Seventh Consecutive Surprise

Analysts were expecting just 44 cents per share, making the first quarter the company’s seventh surprise in a row. You would have to go back almost 3 years to find that last time Citi missed estimates.

Upward Revisions

Following the announcement 2 of the 4 analysts covering Citi upwardly revised their full-year estimates. The current consensus for 2009 is now $1.35, up from $1.29 before the announcement and from $0.92 over the past three months. Full-year 2010 estimates are averaging $1.65, up from $1.37 prior to the report and up from $1.12 three months ago.

In a struggling retail environment these growth rates of 10% and 22%, for this year and next, are fantastic. In the previously mentioned announcement, management also reported that it is seeking to increase selling square footage by at least 15%.

The Chart

Shares of CTRN have an excellent level of support at $22 per share as the stock continues to set higher highs. The most recent peak is the new 52-week high. Take a look at the chart below.

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