Citi Trends, Inc. reported results for the fourth quarter and fiscal year ended January 28, 2017.

Financial Highlights - 13-week fourth quarter ended January 28, 2017

Total sales in the 13 weeks ended January 28, 2017 increased 5.4% to $185.5 million compared with $176.1 million in the 13 weeks ended January 30, 2016. Comparable store sales increased 3.4% in the fourth quarter.

Net income increased 60% to $5.6 million, or $0.38 per diluted share, in the fourth quarter of 2016 compared with $3.5 million, or $0.24 per diluted share, in last year's fourth quarter.

Financial Highlights - 52-week fiscal year ended January 28, 2017

Total sales in the 52 weeks ended January 28, 2017 increased 1.7% to $695.2 million compared with $683.8 million in the 52 weeks ended January 30, 2016. Comparable store sales decreased 0.4% for the full year.

Net income was $13.3 million, or $0.91 per diluted share, in fiscal 2016 compared with $15.5 million, or $1.03 per diluted share, in fiscal 2015.

Citi Trends opened 18 new stores, relocated or expanded 13 other stores, and closed 6 stores in fiscal 2016.

As previously announced, the Board of Directors has declared a quarterly dividend payment of $0.06 per share, which will be paid on March 14, 2017 to stockholders of record as of February 28, 2017.