Urban Outfitters, Inc. (NASDAQ:URBN), announced its quarterly results on Tuesday, March 7, 2017, as the earnings plunged year over year.
The parent company of the likes of Free People, Anthropologie and its eponymous brand stores, revealed during the announcement that its fourth-quarter earnings missed by one cent.
Urban Outfitters, (NASDAQ:URBN) said, its profits came down to $64.3m, or 55 cents a share, in the three months ended in January, in contrast with $72.9 million, or 61 cents a share, it posted in the same period last year. That was a penny less than the average analysts’ predictions.
In the mean time Company’s net sales went up 2 percent year over year to hit the record $1.03 billion, that was very much in line with wallstreet’s outlook.
However Comparable retail segment sales were flat, with growth at Urban Outfitters and Free People counterbalancing a 2.9 per cent drop at Anthropologie.
The Philadelphia-based company, which have started two new restaurants and took over six Vetri Family restaurants last year, said sales at its food and beverage division surged to $6 million in the fourth quarter and $22.7m for the full year.
Urban Outfitters (NASDAQ:URBN) drive into the informal restaurants’ circle arrives as Urban and other clothing retailers have find it hard to grow during a tricky period for the industry, as the surging contest from e-commerce firms like Amazon and fast-fashion retailers like Zara and H&M that are offering much convenient and economical shopping options .
Urban Outfitters, ( URBN) stock in the company, which have plunged almost 11 per cent so far this year, surged during the extended trading, going up 2 per cent to $25.90.