RTTNews | May 25, 2021 07:19AM EDT

07:19 Tuesday, May 25, 2021 (RTTNews.com) - While reporting financial results for the first quarter of fiscal 2021 on Tuesday, specialty value retailer Citi Trends, Inc. (CTRN) raised its earnings and net sales guidance for the full year 2021, based on record first quarter and second quarter-to-date sales performance. Comparable store sales for the first quarter surged 142.0 percent.

For fiscal 2021, the company now projects earnings in a range of $4.55 to $4.75 per share on net sales between $970 million and $990 million.

Previously, the company expected earnings in a range of $2.85 to $3.05 per share on net sales between $870 million and $900 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.85 per share on revenues of $962.63 million for the year. Analysts' estimates typically exclude special items.

"As we continue to enhance the Citi Trends experience for our customers and execute against our strategic priorities, we are well ahead of our previously shared long-term plan and expect to achieve our growth target of $1 billion in sales sooner than originally planned," said David Makuen, Chief Executive Officer.

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