Urban Outfitters, Inc. URBN shares were trading down in Tuesday's after-hours session on the heels of the company's third-quarter earnings. Here's a look at the details.
What To Know: Urban Outfitters reported quarterly earnings of 88 cents per share, topping the analyst consensus estimate of 82 cents, a 120% increase over earnings of 40 cents per share from the same period last year.
The company reported record quarterly sales of $1.28 billion which exceeded analyst expectations of $1.26 billion, a 8.94% increase over sales of $1.18 billion from the same period last year.
Total Retail segment net sales grew 7.3%, with comparable Retail segment net sales rising 5.6%. Also, total inventory decreased by $22.6 million, or 3.0%, compared to total inventory in the same period last year.
"We are proud to report record third-quarter sales that helped drive a 120% increase in EPS," said CEO Richard A. Hayne. "As we enter the holiday season the consumer continues to react positively to our assortments and marketing campaigns at four out of five of our brands which leaves us confident we can continue to drive revenue and earnings growth in the fourth quarter."
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URBN Price Action: Shares of Urban Outfitters were down 7.05% at $33.75 in the after-hours session at the time of publication, according to Benzinga Pro.
Photo: Michal Jarmoluk from Pixabay
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