Urban Outfitters Reports Q1 Earnings Miss, Sales Decline 28%

Urban Outfitters URBN shares are trading lower after the company reported worse-than-expected first-quarter sales results and comparable retail segment sales decreased 28%.

The company reported first-quarterly losses of $1.41 per share, which may not compare to the analyst consensus estimate of a 20-cent loss. This is a 554% decrease over earnings of 31 cents per share from the same period last year.

Urban Outfitters reported quarterly sales of $588.483 million, which missed the analyst consensus estimate of $693.550 million by 15.15%. This is a 31.92% decrease over sales of $864.413 million the same period last year.

Comparable Retail segment net sales decreased 28%, driven by negative retail store sales due to mandated store closures, partially offset by low double-digit growth in the digital channel.

Urban Outfitters shares traded down 5.4% to $16.95 in Tuesday’s after-hours session. The stock has a 52-week high of $31.41 and a 52-week low of $12.28.

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