Urban Outfitters Inc. Misses Q1 Sales Expectations by $20 Million
Despite reporting what it hailed as record Q1 sales, Urban Outfitters missed Wall Street’s expectations by $20 million. First-quarter revenue was up 7.7% to $739 million. Earnings per share of $0.25 were short of analysts’ predictions of $0.30 per share.
“I am pleased to announce record first-quarter sales and positive Retail segment comparable net sales at each of our brands,” said CEO Richard Hayne. “I believe our Retail segment comparable net sales growth is being driven by the success of our omni-channel strategy.”
“By brand, our Retail segment comp rate increased by 17%, 5%, and 1% at Free People, Urban Outfitters, and the Anthropologie Group, respectively,” said CFO Francis Conforti in a call with investors. “This marks the second quarter in a row all brands have posted positive Retail segment comp sales growth.”
At the company’s namesake Urban Outfitters stores, menswear was the only category that didn’t show comparable sales gains.