By  on March 5, 2009

Investors steered away from Urban Outfitters Inc. stock Thursday after it said higher markdowns led to lower fourth-quarter earnings.

In the three months ended Jan. 31, profits at the Philadelphia-based specialty store group fell 24.4 percent to $40.5 million, or 24 cents a diluted share, from $53.6 million, or 32 cents a share, a year ago.

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