Shares of Urban Outfitters Inc. fell more than 20 percent Thursday after the company revealed its November same-store sales were flat and could “further decelerate” during the holiday season.
The pessimistic assessment came in a Securities and Exchange Commission 10-Q filing on the firm’s third-quarter results, which included a 9.9 percent increase in comparable-store sales, led by a 17.1 percent rise in comps at Urban Outfitters and gains of 1.8 percent and 3.9 percent at the Anthropologie and Free People units, respectively. The statement contributed to a decline of $3.88, or 20.6 percent, dropping Urban’s shares to a $14.98 close on a day when the Standard & Poor’s Retail Index suffered a 4.6 percent decline to 273.37.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"