Urban Outfitters Inc. has now seen its net income fall for each of the last four quarters. The company, which reported third-quarter earnings after the close of the market on Monday, said profits declined 31 percent amid deteriorating margins.
Net sales in the third quarter ended Oct. 31 increased 6 percent to $610 million, compared with $573.5 million in last year’s third quarter. The retailer reported net income for the quarter of $50.7 million, or 33 cents a share, compared with $73.1 million, or 43 cents per share, for the 2010 third quarter, beating Wall Street estimates of 32 cents a share. Net income for the nine months ended Oct. 31 was $146 million, or 91 cents a share. The results were largely driven by a 31 percent increase in Web traffic.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)