Urban Outfitters, Inc. (NASDAQ:URBN) announced that its latest quarterly earnings results were better than expected, but shares still dropped after the bell Tuesday.
The company announced adjusted earnings of 38 cents per share, which was better than the Wall Street consensus estimate of 30 cents per share, which would’ve been a 131% increase compared to the year-ago period. Revenue was slated to increase 10% year-over-year to $837 million and the company topped this by bringing in revenue of $837 million.
Urban Outfitters also saw its same-store sales grow by 10%, beating the 8.3% gain that analysts were calling for the company to rake in, according to Consensus Metrix. The retailer’s flagship brand experienced an 8% increase, beating the 7.7% that analysts were expecting, while Anthropologie gained 10% in same-store sales, better than the 10% that Wall Street projected.
Free People’s same-store sales were up by 15%, better than the 9.5% that Wall Street was calling for.”We are pleased to report record first quarter sales driven by a 10% increase in comparable Retail segment sales and a 13% increase in wholesale sales,” said Urban Outfitters CEO Richard Hayne in a statement.
“Even more exciting is our 280% jump in first quarter EPS, a result of strong sales, healthy margin improvement, SG&A leverage and a lower tax rate.”
URBN stock was down about 2.6% during regular trading hours, while also falling more than 0.9% after the bell Tuesday.
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