Citi Trends reports elevated sales, profits in Q1

Savannah, Ga. Citi Trends reported Wednesday that first-quarter sales jumped 26.8% to $181.4 million. Comp-store sales increased 9.6%.

Profit for the quarter ended May 1 was $12.4 million, compared with $7.9 million last year.

The value-priced retailer opened 19 stores, relocated or expanded five others, and closed two stores in first quarter 2010, reaching a total store count of 420 at the end of the quarter.