Citi Trends, Inc. (NASDAQ:CTRN)
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A value-priced retailer of urban fashion apparel and accessories for the entire family.
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A value-priced retailer of urban fashion apparel and accessories for the entire family.
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Shares of Citi Trends Inc. are rising, after the apparel maker said fourth-quarter profit beat expectations and it offered a strong 2008 forecast.
The company forecast a profit of $1.10 to $1.15 per share, while analysts polled by Thomson Financial predict a profit of $1 per share. Citi Trends said fourth-quarter net income fell 19 percent to $8.4 million, or 59 cents per share, as it increased markdowns to clear inventory. Analysts expected a smaller profit of 44 cents per share.
Wachovia Capital Markets analyst Lyn Rhoads Walther said the company has made a number of changes to help profit, including paring down inventory, installing surveillance cameras to reduce theft and more closely aligning payroll hours with sales.