Citi Trends, Inc. today reported results for the second quarter of fiscal 2015.

Financial Highlights - Second quarter ended August 1, 2015

Total sales in the second quarter ended August 1, 2015 increased 6.1% to $153.9 million compared with $145.0 million in the second quarter ended August 2, 2014. Comparable store sales increased 3.9% in the quarter.

Net income was $0.2 million, or $0.01 per diluted share, in the second quarter of 2015 compared with a net loss of $(2.6) million, or $(0.17)per diluted share, in last year's second quarter.

Financial Highlights - First half ended August 1, 2015

Total sales in the first half of fiscal 2015 increased 4.7% to $348.8 million compared with $333.0 million in the first half of fiscal 2014. Comparable store sales increased 2.7% in the first half of this year.

Net income increased 76% to $11.4 million compared with $6.5 million in last year's first half. Earnings per diluted share were $0.75 in the first half of 2015 compared with $0.43 in the first half of 2014.

Cash Dividend and Share Repurchase Program

The Company also announced that its Board of Directors approved the initiation of a cash dividend payment at an annual rate of $0.24 per share and a share repurchase program of up to $15 million.

"We believe the commencement of cash dividends, coupled with the new share repurchase program, underscores our continued commitment to building shareholder value and reflects our financial strength as well as the Board's confidence in our business and strong cash flow," saidJason Mazzola, President and Chief Executive Officer. "At the same time, we remain committed to investments in Company growth and other long-term initiatives to enhance shareholder value."

The first quarterly dividend payment of $0.06 per share will be paid on September 15, 2015, to stockholders of record as of September 1, 2015. Any determination to declare and pay cash dividends in the future (quarterly or otherwise) will be made by the Board of Directors, from time to time, subject to the Company's financial condition, results of operations, business requirements and compliance with legal requirements.

The Company expects to fund the share repurchases from cash on hand. Repurchases may be made at management's discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements, and may be made in part under one or more Rule 10b5-1 plans, which permit stock repurchases at times when the Company might otherwise be precluded from doing so.

Investor Conference Call and Webcast

Citi Trends will host a conference call today at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2937. A replay of the conference call will be available until August 26, 2015, by dialing (402) 977-9140 and entering the passcode, 21761234.

The live broadcast of Citi Trends' conference call will be available online at the Company's website, www.cititrends.com, under the Investor Relations section, beginning today at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for replay for one year.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company's responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.