URBN Q1 Results Beat Street Expectations On Lower Markdown Rates

Urban Outfitters Inc URBN has reported huge improvement in its Q1 results, in comparison with the to the last year’s quarter. The strong results were driven by fewer discounts to customers. URBN has posted its healthy Q1 net profit, which jumped 72% to $53 million, or $0.31 per share, from $30.8 million, or $0.18 per share, a year earlier. The analysts were expecting earnings of $0.30 per share. Urban Outfitters’ sales for the quarter jumped The company reported an increase of 25% to $480 million in net sales for Q1, with the economy on the mend. URBN posted an improvement of 459 basis points, due to “lower markdown rates and better initial merchandising margins.” Urban Outfitters's clothing store Anthropologie and in its direct-to-consumer business showed the highest percentage of sales growth. Anthropologie and Free People chains posted an earnings profit of $53 million, or $0.31 per share, in comparison withas compared to earnings of $30.8 million, or $0.18 per share, a year ago. URBN’s shares fell 2.79% to $38.31 in pre-market hours. Read more about this company here.