Urban Outfitters climbs after Q1 results beat on strong demand

Urban Outfitters

22/05/2024 09:42

** Shares of apparel retailer Urban Outfitters  URBN.O  rise
8.4% to $44.78 premarket
    ** Co's Q1 net sales beats estimates, Q1 adj. EPS of 69
cents also above estimates - LSEG data 
    ** Retail sales helped by continued strength in co's brands
like Free People, FP Movement, Anthropologie and Nuuly - CEO
Richard Hayne
    ** Co also saw positive growth in digital channel and retail
store sales 
    ** Barclays expects continued sales growth and expanding
margins, particularly in H2FY24; raises PT to $50 from $48
    ** Jefferies says co's core brands are beneficiaries of
recent emerging fashion cycle, but concerns continue in its
'Urban Outfitters' brand; raises PT to $35 from $32
    ** Three brokerages maintain a "buy" or higher rating on co,
while nine maintain "hold"; median PT at $44.50 - LSEG data 
    ** Stock has advanced 15% YTD, after a near 50% rise in 2023

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))