Urban Outfitters Warns of Weak Sales, Shares Fall
June 09 2016 - 06:10PM
Dow Jones News
Urban Outfitters Inc.'s stock fell Thursday as the retailer
reported a key sales metric was down so far in the current
quarter.
The Philadelphia-based retailer said in a regulatory filing
Thursday that comparable retail sales for the current second
quarter that began May 1 had fallen by a percentage in the mid
single-digit range. Urban Outfitters defines comparable retail
sales as online sales plus sales at stores open for at least 12
months.
Analysts have projected comparable sales to increase 1.1% in the
second quarter, according to Retail Metrics. The company reported
comparable sales rose 4% in the year-ago second quarter and 1% in
the first quarter.
Shares of Urban Outfitters, off 23% over the past 12 months,
declined 8% to $25.74 in after-hours trading.
The Philadelphia-based retailer, which opened its first store in
1970 near the University of Pennsylvania campus, has expanded into
a multinational clothing company with more than $3 billion in sales
a year under the brands of Urban Outfitters, Free People,
Anthropologie, BHLDN and Terrain.
Urban Outfitters didn't break down the decline by brand, but
sales at its two largest brands—Urban Outfitters and Anthropologie
Group, which also includes BHLDN and Terrain—had slowed in recent
quarters, and the retailer has reported lower profit on a
year-over-year basis in seven of the past nine quarters.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
June 09, 2016 17:55 ET (21:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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