Urban Outfitters, Inc. URBN announced third quarter financial results Monday with revenues of $814.74 million, slightly above estimates of $813.05 million.
Net income came in at $47 million with earnings per diluted share at $0.35, well below estimates of $0.41 and below the $0.47 reported in the year-ago period.
Comparable Retail segment net sales, which include our comparable direct-to-consumer channel, decreased 1 percent. Comparable Retail segment net sales increased 15 percent at Free People and 2 percent at the Anthropologie Group and decreased 7 percent at Urban Outfitters. Wholesale segment net sales rose 26 percent.
"While we are pleased with delivering record third quarter sales fueled by strong performances at our Anthropologie and Free People brands, I am disappointed by the results at the Urban Outfitters brand," said Richard A. Hayne, Chief Executive Officer. "There is much work to be done to improve the merchandise margins and store performance at the Urban brand, but I see positive signs as shown by strong results at the brand's direct-to-consumer channel," he concluded.
Urban Outfitters, Inc. traded at $29.34 in the aftermarket, down 4.83 percent.
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