Citi Trends 1Q profit falls but beats expectations

Profit for the quarter ended May 3 fell 10 percent to $5.2 million, or 36 cents per share, from $5.7 million, or 40 cents per share, in the same quarter last year.

Analysts polled by Thomson Financial, on average, predicted a profit of 34 cents per share.

Revenue rose 14 percent to $121 million from $106.6 million last year. Analysts expected revenue of $120.9 million.

Sales in stores open at least one year, a key retail metric known as same-store sales, rose 0.3 percent.