PHILADELPHIA (AP) _ Urban Outfitters Inc. (URBN) on Tuesday reported a fiscal first-quarter loss of $138.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Philadelphia-based company said it had a loss of $1.41. Losses, adjusted for asset impairment costs, were $1.31 per share.
The results did not meet Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 26 cents per share.
The clothing and accessories retailer posted revenue of $588.5 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $640.9 million.
Urban Outfitters shares have dropped 35% since the beginning of the year, while the Standard & Poor's 500 index has declined 9.5%. In the final minutes of trading on Tuesday, shares hit $17.93, a decline of 33% in the last 12 months.