Visitors Now:
Total Visits:
Total Stories:
Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Urban Outfitters Shares Tank 10% As Profit And Revenues Miss View

Tuesday, November 22, 2016 14:41
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Apparel retailer Urban Outfitters, Inc. (NASDAQ:URBN) late Tuesday posted worse-than-expected third quarter earnings results, causing a major sell-off in its shares after hours.

The Philadelphia-based company reported Q3 net income of $0.40 per share, which was $0.04 worse than the average analyst estimate of of $0.44. Revenues rose 4.5% from last year to $862 million, also falling short of Wall Street’s view for $868.96 million.

Comparable store sales, also known as same-store sales or simply “comps,” rose 1.0% from the year-ago period in all of URBN’s various brand stores. Comps rose 5.2% at Urban Outfitters, but fell 1.5% at Free People and decreased by 2.7% at the Anthropologie Group.

On a sour note, Urban Outfitters said its gross profit rate fell by 15 basis points versus the year-ago period.

The company commented via press release:

“I am pleased to announce our teams delivered record third quarter sales,” said Richard A. Hayne, Chief Executive Officer. “These results were driven by the third consecutive quarter of positive Retail segment ‘comps’ and continued strength in our Wholesale segment,” finished Mr. Hayne.

Urban Outfitters shares fell $3.74 (-9.59%) to $35.27 in after-hours trading Tuesday. Prior to today’s report, URBN had surged 71.47% year-to-date, nearly ten times the return of the S&P 500 index during the same period.

URBN-2016-11-22

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.