UPDATE 1-Citi Trends Q4 profit jumps 20 pct, sees strong 2009

mercoledì 25 marzo 2009 22:09

* Q4 EPS $0.70 vs est of $0.55

* Sales rise 8.9 pct, beats Street

* Same-store sales drop 1.9 pct

* Sees 2009 EPS of about $1.30, beats estimates

* Shares up 13 pct after the bell

March 25 (Reuters) - Fashion-apparel retailer Citi Trends Inc (CTRN.O: Quotazione) reported a 20 percent increase in quarterly profit, beating Wall Street estimates, helped by inventory controls which offset a drop in same-store sales, and forecast strong 2009 earnings, sending its shares up 13 percent.

Citi Trends, which competes with TJX Companies Inc (TJX.N: Quotazione), Ross Stores Inc (ROST.O: Quotazione) and others, said it expects same-store sales to increase 3 percent in 2009.

For the fiscal year ending Jan. 31 2010, the company forecast earnings of about $1.30 a share. Analysts on average were looking for profit of 90 cents a share, according to Reuters Estimates.

The company said its Chief Executive Ed Anderson will retire, effective April 4, and Chief Operating Officer David Alexander will take over as CEO.   Continua...