Urban Outfitters Falls After Q3 Sales Miss

Urban Outfitters, Inc. URBN shares are falling despite reporting record third-quarter sales.

Earnings came in at 56 cents per share, missing estimates by a penny. Sales came in at $987.469 million, missing estimates by $12.531 million.

“I’m pleased to report record third quarter sales, driven by better reaction to our apparel assortments and strength in the digital channel,” said CEO Richard Hayne. “Looking ahead to Q4, we’re encouraged by positive sales-to-date but realize our highest volume days have yet to be written.”

Highlights

• Total comps increased 3%
• Free People comps were up 9%
• Anthropologie Group comps were up 4%
• Urban Outfitters comps were flat

Urban Outfitters shares fell more than 10% in Tuesday's after-hours session. The stock closed the regular session lower by 4.5% at $28.79 per share.

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Photo credit: Mike Mozart, Flickr