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Urban Outfitters Shares Surge 9% Following Q3 Results Announcement
Nov 22, 2022 10:02 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Urban Outfitters (NASDAQ:URBN) shares gained nearly 9% today following the company’s reported Q3 results, with revenue of $1.18 billion (up 3.9% year-over-year) coming in better than the Street estimate of $1.16 billion. EPS was $0.40, compared to the Street estimate of $0.42.
Total retail segment revenue was up 2%, with comparable retail segment revenue growing 4%, driven by solid results at Anthropologie and Free People (up 13% and 8%, respectively), while Urban Outfitters was down 9%.
According to the analysts at Deutsche Bank, the company continues to be negatively impacted by product over assortment, excess inventory, and the inflationary environment which has pressured its younger customer who is shopping and converting less frequently.
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