Earnings Results: Urban Outfitters’ earnings fall short of Wall Street’s view

by | Aug 24, 2022 | Stock Market

Urban Outfitters Inc.  shares slipped in the extended session Tuesday after the retailer posted quarterly earnings that fell short of Wall Street expectations. Urban Outfitters reported second-quarter net income of $59.5 million, or 64 cents a share, compared with $127.3 million, or $1.28 a share, in the year-ago period.

Revenue increased to $1.18 billion from $1.16 billion in the year-ago quarter, while comparable retail-segment sales rose 1%. The company said double-digit growth in retail-store sales on increased foot traffic was offset by a low single-digit decline in digital sales. Analysts surveyed by FactSet, however, had forecast earnings of 69 cents a share on revenue of $1.18 billion and same-store sales growth of 1.4%. Sales at the namesake chain declined to $396.4 million from $441.6 million in the year-ago period, while Anthropologie sales rose to $479.2 million from $450.6 million. Shares declined 2% after hours, following a 0.8% decline to close the regular session at $21.84. Over the past 12 months, Urban Outfitters shares have fallen 26%, compared with a 13% drop in the S&P 500 index 
SPX,
-0.22%.

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