Urban Outfitters' record revenue falls short

Posted: May 22, 2013

Urban Outfitters Inc., the hipster retailer headquartered at the Navy Yard, reported Monday that it had record quarterly revenue and a 39 percent increase in profit after reining in store markdowns.

The revenue results nevertheless missed analysts' expectations. The company released its numbers after the stock market closed Monday, and shares fell in aftermarket trading.

For the three months ended April 30, Urban said it earned $47.1 million, or 32 cents per share, on sales of $648.2 million. That compared with net income of $34 million, or 23 cents per share, on revenue of $568.9 million for the same period a year earlier.

Comparable sales, a key measure of sales at stores and units open at least one year, increased 9 percent.

Analysts polled by FactSet were expecting the company to earn 29 cents per share on revenue of $656.5 million for the period, the Associated Press said.

Shares closed down 5 cents, at $44.49. - Reid Kanaley

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