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Urban Outfitters, Inc. (URBN) reported record sales in its first quarter.
Earnings came in at 31 cents per share, beating estimates by 6 cents. Sales came in at $864.413 million, beating estimates by $8.763 million. Comps were up 1 percent in the quarter.
“We are pleased to announce record first-quarter sales,” said CEO Richard A. Hayne. “Our sales growth was driven by our seventh straight quarter of positive Retail segment ‘comps’ as well as continued growth in our Wholesale segment."
Urban Outfitters also announced the launch of Nuuly, a subscription rental service for women’s apparel, expected to debut this summer.
Highlights
- Free People comparable net sales increased 2 percent
- Anthropologie comparable net sales increased 1 percent
- Urban Outfitters comparable net sales were flat
- Wholesale segment net sales increased 2 percent
Urban Outfitters shares closed Tuesday's session at $27.
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