Urban Outfitters 3Q Profit Climbs 17% On Stronger Sales

Date : 11/15/2010 @ 4:50PM
Source : Dow Jones News
Stock : Urban Outfitters, Inc. (MM) (URBN)
Quote : 22.87  0.13 (0.57%) @ 8:00PM

Urban Outfitters 3Q Profit Climbs 17% On Stronger Sales

Urban Outfitters, Inc. (MM) (NASDAQ:URBN)
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  DOW JONES NEWSWIRES 
 

Urban Outfitters Inc.'s (URBN) fiscal third-quarter earnings rose 17%, beating analysts' estimates, as the company's sales increased.

Chairman and Chief Executive Glen T. Senk called the sales and earnings results records. Shares rose 2.6% after hours to $33.55.

The company, which operates its namesake stores as well as Anthropologie and Free People shops, has steadily increased its sales even through the downturn by latching onto popular trends. In August, Senk said the company was seeing exceptional performance from "every brand, channel, region and shared service group."

For the quarter ended Oct. 31, Urban Outfitters reported a profit of $73.1 million, or 43 cents a share, up from $62.4 million, or 36 cents, a year earlier. Revenue jumped 13% to $573.6 million as same-store sales increased 1%.

Analysts polled by Thomson Reuters had most recently forecast earnings of 42 cents on $582 million in revenue.

Gross margin fell to 41.1% from 41.5%.

The company's Free People stores had same-store sales growth of 29%, while Anthropologie rose 5% and the namesake stores climbed 5%. Direct-to-consumer sales jumped 31%.

 
 

--By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

 
 

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