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SAVANNAH, Ga. - Citi Trends Inc., which sells urban fashion and accessories at 36 stores in 21 states, said Wednesday it continues to expect profit between $1.10 and $1.15 per share for fiscal 2008.
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That's below the average forecast of analysts polled by Thomson Reuters, who expect profit of $1.25 per share.
Citi Trends earned a profit of $1 per share in 2007.
The company said its guidance is based upon an expected increase in same-store sales, or sales at stores open at least a year, of 1 to 2 percent. Same-store sales is an important measure of retail health, because it measures growth at existing locations rather than from expansion. The company credited spending of government stimulus checks during the quarter for the increase.
In aftermarket electronic trading, Citi Trends shares gained $1.03, or 5.6 percent, to $19.46, after closing the regular session down 10.7 percent at $18.45.
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