Photo credit: Mike Mozart, Flickr
Urban Outfitters, Inc. URBN shares are falling despite reporting record third-quarter sales.
Earnings came in at 56 cents per share, missing estimates by a penny. Sales came in at $987.469 million, missing estimates by $12.531 million.
“I’m pleased to report record third-quarter sales, driven by better reaction to our apparel assortments and strength in the digital channel,” said CEO Richard Hayne. “Looking ahead to Q4, we’re encouraged by positive sales-to-date but realize our highest volume days have yet to be written.”
Highlights
- Total comps increased 3%
- Free People comps were up 9%
- Anthropologie Group comps were up 4%
- Urban Outfitters comps were flat
Urban Outfitters shares fell more than 10% in Tuesday's after-hours session. The stock closed the regular session lower by 4.5% at $28.79 per share.
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