Surprising analysts with a third-quarter profit, urban apparel specialist Citi Trends Inc. said it expects to maintain its positive same-store sales momentum during the holiday season.
For the three months ended Oct. 31, the Savannah, Ga.-based specialty retailer generated net income of $606,000, or 4 cents a diluted share, versus a year-ago loss of $687,000, or 5 cents. Sales rose 21.4 percent, to $127.4 million from $104.9 million, and increased 6.3 percent on a comparable-store basis. Comps were up 19 percent for accessories, 7 percent for men’s wear and 6 percent for women’s wear.
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