Citi Trends (CTRN) Misses Q1 EPS by 7c, Slight Beat on Revenues; Affirms FY18 EPS Mid-Point Above Consensus

Citi Trends (NASDAQ: CTRN) reported Q1 EPS of $0.83, $0.07 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $211 million versus the consensus estimate of $210.7 million.

Bruce Smith, President and Chief Executive Officer, commented, “We are very pleased with the 22% increase in adjusted earnings per share in the first quarter which reflected solid top-line growth, as well as benefits from a lower income tax rate due to the enactment of the Tax Cuts and Jobs Act, and a lower share count resulting from share repurchases since last year’s first quarter under the Company’s expanded capital return program.”

Smith further noted, “Within the quarter, comparable store sales fluctuated somewhat due to an earlier Easter and a later start to spring. However, by the end of the quarter, we were pleased with the results, and we are now excited with our early second quarter sales, as the later spring is driving sales of warm-weather merchandise. As we enter the second quarter, our sales momentum continues, with comparable store sales increasing 10% thus far in the fiscal month of May.”

Guidance

The Company reaffirmed its previous guidance of earnings per diluted share in the range of $1.55 to $1.70 for fiscal 2018.

GUIDANCE:

Citi Trends sees FY2018 EPS of $1.55-$1.70, versus the consensus of $1.60.

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

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