Urban Outfitters Shares Slump As Retailer Reports 23% Decline In Q1 Profit

Investors in Urban Outfitters

are selling shares Monday afternoon following first-quarter results from the company. About an hour into the post-market trading session, Urban Outfitters shares are trading down about four percent to $34.75. The clothier reported a first-quarter total sales rise of about six percent, from around $648.18 million in the same quarter last year to $686.31 million. Analysts on Wall Street were expecting sales of $680.6 million. Urban Outfitters said same-store sales at the company's Free People unit surged 25 percent while comps sales to Anthropologie were up eight percent. The company said same-store sales at Urban Outfitters were down about 12 percent. Earnings per share of $0.26 versus a $0.27 analyst consensus estimate. The bottom-line number was down about 23 percent on a year-over-year basis. "I am pleased to announce record URBN first quarter sales driven by strong performances at both the Anthropologie and Free People brands," said Richard A. Hayne, Chief Executive Officer. "While Anthropologie and Free People continue to deliver record levels in sales and profits, Urban Outfitters had a disappointing quarter and is working diligently to regain its fashion footing," finished Mr. Hayne.