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Urban Outfitters Misses First Quarter Forecasts

Urban Outfitters Inc. on Tuesday reported fiscal first-quarter earnings of $11.9 million.
An Urban Outfitters store
An Urban Outfitters store | Source: Shutterstock (Shutterstock)
By
  • Associated Press

PHILADELPHIA, United States — Urban Outfitters Inc. on Tuesday reported fiscal first-quarter earnings of $11.9 million.

The Philadelphia-based company said it had net income of 10 cents per share. Earnings, adjusted for non-recurring costs, came to 13 cents per share.

The results missed Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The clothing and accessories retailer posted revenue of $761.2 million in the period, which also missed Street forecasts. Eleven analysts surveyed by Zacks expected $772.1 million.

Urban Outfitters shares have fallen 28 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 7 percent. In the final minutes of trading on Tuesday, shares hit $20.48, a decline of 21 percent in the last 12 months.

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