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Shares of
Urban Outfitters Inc.URBN surged more than 2.5% in after-hours trading after the company reported upbeat earnings for the fourth quarter.
The Philadelphia, Pennsylvania-based company posted quarterly earnings of $80.3 million, compared to $88.7 million, in the year-ago period. EPS climbed to $0.60 from $0.59.
Its sales gained to $1.01 billion from $905.9 million. However, analysts were expecting earnings of $0.58 per share on revenue of $1.01 billion.
Urban Outfitters' comparable sales increased 6% in the quarter. Comparable retail segment net sales jumped 18% at Free People, rose 6% at the Anthropologie Group and gained 4% at Urban Outfitters. Wholesale segment net sales climbed 21% in the quarter.
The gross profit rate slipped by 207 basis points from the year-ago period.
As of January 31, 2015, the company's total inventories surged 15% year-over-year.
The company opened 38 new stores during the year ended January 31, 2015.
"We are pleased to report our first billion dollar quarter, fueled by positive retail segment `comps` at all of our brands, "said Richard A. Hayne, Chief Executive Officer. "It is encouraging to see this sales trend continue into Q1."
Urban Outfitters shares surged 2.51% to $40.50 in the after-hours trading session.
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