By  on August 15, 2017

Like many retailers, Urban Outfitters Inc. is dealing with weak sales and waning profits, but founder and chief executive officer Richard Hayne is putting the blame squarely on the company.

The Philadelphia-based retailer's net income came in at $49.9 million, a 54 percent decline from $76.9 million a year earlier. Still, earnings per diluted share totaled 44 cents, well ahead of the 37 cents analysts projected. That helped propel the stock up 14.2 percent to $19.21 in after-hours trading Tuesday.

Sales for the second quarter fell to $872.9 million from $890.6 million a year earlier, a 2 percent drop. Comparable-store sales slipped by 4.9 percent, driven by a 4 percent declines at Anthropologie and a 7.9 percent dip at Urban Outfitters.

Free People was a bright spot, with comp sales up by 2.9 percent, as was Urban’s wholesale segment, where net sales grew by 10 percent.

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