SAVANNAH, Ga. (AP) -- Retailer Citi Trends Inc. reported Wednesday that its first-quarter revenue rose but its profit fell because its costs increased, but the results beat analysts' forecasts and Citi's shares jumped more than 15 percent by early afternoon.
The clothing and accessories chain earned $10.1 million, or 69 cents per share, for the quarter that ended April 28. That's down from $12.1 million, or 83 cents per share, in the same quarter last year.
Citi's revenue grew 4.5 percent to $197.7 million from $189.2 million. But its cost of sales rose nearly 8 percent and its administrative costs rose 3 percent.
Analysts on average expected adjusted earnings of 49 cents per share on revenue of $196 million, according to FactSet.
Shares of Citi Trends rose $1.90, or 15.6 percent, to $14.08 by early afternoon. They've traded between $7.87 and $18.50 in the past 52 weeks.
The company, which is based in Savannah, Ga., runs 511 stores in 29 states.
