PHILADELPHIA (AP) _ Urban Outfitters Inc. (URBN) on Tuesday reported fiscal third-quarter net income of $55.7 million.
The Philadelphia-based company said it had profit of 56 cents per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The clothing and accessories retailer posted revenue of $987.5 million in the period, also missing Street forecasts. Ten analysts surveyed by Zacks expected $1 billion.
Urban Outfitters shares have dropped 14% since the beginning of the year, while the Standard & Poor's 500 index has risen 24%. In the final minutes of trading on Tuesday, shares hit $28.51, a decrease of 20% in the last 12 months.