© Reuters
Investing.com — Urban Outfitters (NASDAQ:) missed Wall Street’s expectations for earnings but beat the outlook on revenue in the third quarter.
The fashion retailer reported per share of 40 cents on revenue of $1.18 billion. Analysts expected EPS of 42 cents on revenue of $1.16B.
The shares were up 1.2% in after-hours trading. They have fallen 13% so far this year.
Sales rose 3.9% over last year’s third quarter to a record, the company said. In a press release, Urban Outfitters said total retail segment net sales increased 2%, with comparable retail segment net sales rising 4% though partially offset by a 2% negative impact from foreign currency translation.
As of Oct. 31, total inventory was up $116.5 million, or 18.6%, on a year-over-year basis, the company said. Retail segment inventory increased by 17% driven by higher costs, earlier than planned receipts due to improved supply chain speed, and excess slower selling product in certain categories, it added.
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