Oppenheimer Reiterates Perform Rating on Citi Trends (CTRN)

Oppenheimer has published its research report on Citi Trends (NASDAQ: CTRN) reiterating its Perform rating following the release of FY3Q10 results.

CTRN reported FY3Q10 EPS of $(0.03) vs Oppenheimer/consensus ests. of $(0.02). Revenues increased 10% to $140M on a (4.2)% comp (vs. 6.3% ly). By month comps were -1% in August, -4% in September and -8% in October.

Oppenheimer writes, "Despite recent improvements in trends as themweather has turned cooler, positive customer reaction to the new prototype and an enhanced focus on inventory and expense controls, the uncertainty surrounding the extension of unemployment benefits keeps us on the sidelines despite its historic average valuation discount."

CTRN closed Monday at $24.31.