Citi Trends posts a profit despite slower sales

The growth streak at Citi Trends came to a halt in the third quarter, as the urban retailer posted a drop in same store sales.

For the third quarter endedOct. 31, same store sales decreased 0.5%.Net income was $0.6 million, or $0.04 per diluted share, compared with a net loss of $(2.2) million, or $(0.15) per diluted share, in last year’s third quarter.

The company said total sales in the first three quarters of fiscal 2015 increased 3.7% to $507.7 million compared with $489.7 million in the same period of fiscal 2014. Same store sales increased 1.7% in the first three quarters of this year. Net income was $12.1 million, or $0.79 per diluted share, in the first three quarters of this year, compared with $4.3 million, or $0.29 per diluted share, in last year’s first three quarters.

As previously announced, the board of directors has declared a quarterly dividend payment of $0.06 per share, which will be paid on December 15, 2015 to stockholders of record as of December 1, 2015.

The company operates 521 stores located in 31 states.