Urban Outfitters rises as Q1 results beat expectations

Urban Outfitters

21/05/2024 21:48

** Apparel retailer Urban Outfitters'  URBN.O  shares rise
8.5% to $44.89 in extended trading
    ** Company posts Q1 net sales of $1.20 bln vs LSEG est. of
$1.18 bln, helped by demand for its brands - Free People, FP
Movement, Anthropologie and Nuuly
    ** Nuuly sales jump 51%; retail and wholesale segments were
also strong - URBN
    ** Company logs adjusted EPS of 69 cents vs analysts'
estimates of 52 cents
    ** Adj. gross profit rate increased 106 basis points, owing
to higher initial merchandise mark-ups and easing logistics
expenses
    ** So far this year, stock is up ~16% 
    

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.Mishra@thomsonreuters.com))