Citi Trends (CTRN) Reports Q2 EPS of $0.24, Revenues Beat; Boosts FY EPS Outlook

Citi Trends (NASDAQ: CTRN) reported Q2 EPS of $0.24, versus $0.07 reported last year. Revenue for the quarter came in at $182 million versus the consensus estimate of $178.5 million.

Bruce Smith, President and Chief Executive Officer, commented, “Our second quarter reflected a significant improvement in earnings, highlighted by a 3.3% increase in comparable store sales and a benefit to total sales from a shift in the fiscal calendar in relation to 2017, together with healthy gross margin expansion and expense leverage.”

Smith further noted, “Importantly, the comparable store sales increase included positive contributions from all five of our major merchandise categories, as well as higher transaction counts and increases in the average unit sale and units per transaction. In addition, the earnings improvement reflected a much lower income tax rate due to the enactment of the Tax Cuts and Jobs Act. The second quarter results, combined with a similarly strong first quarter, led to an 83% increase in earnings per diluted share, or a 52% increase in earnings per diluted share on an adjusted basis*, during the first half of 2018.”

GUIDANCE:

Citi Trends sees FY2018 EPS of $1.65-$1.75, versus the consensus of $1.60.

For earnings history and earnings-related data on Citi Trends (CTRN) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Outlook Therapeutics (OTLK) Misses Q3 EPS by 9c
• Rein Therapeutics Inc. (RNTX) Tops Q2 EPS by 39c