Urban Outfitters Reports Better-Than-Expected Q1 Sales

(RTTNews) - Clothing retailer Urban Outfitters, Inc. (URBN) reported net income for the first quarter that fell from last year. Earnings per share remained steady, however, matching analysts' expectations. Meanwhile, the company's sales rose more than expected.

The company reported net income for the first quarter of $29.6 million, or $0.25 per share. This was down from $32.8 million, or $0.25 per share, in the same period last year.

This matched the $0.25 per share Wall Street analysts were predicting, according to a survey conducted by Thomson Reuters. The number of shares outstanding declined from last year, allowing the company to hold EPS steady while net income declined.

Sales for the quarter rose to $762.6 million compared to $739.0 million in last year's first quarter. The company saw growth in its three major brands, Urban Outfitters, Anthropologie and Free People.

Analysts had expected sales to rise to $759.4 million.

The company runs a variety of clothing stores under different brands, including its namesake locations, as well as Anthropologie, BHLDN, Free People, Terrain and Vetri Family.