Urban Outfitters Inc (NASDAQ: NASDAQ:URBN) shares are trading lower in Tuesday's after-hours session after the company reported financial results.
Urban Outfitters said second-quarter revenue increased 2.2% year-over-year to $1.183 billion, which beat average analyst estimates of $1.18 billion, according to Benzinga Pro. The company reported quarterly earnings of 64 cents per share, which missed average analyst estimates of 68 cents per share.
The company said lower gross profits in the quarter were primarily due to higher markdowns compared to record low markdown rates in the prior year quarter.
"We are pleased to announce record Q2 sales fueled by strong ‘comps' at the Anthropologie and Free People brands," said Richard Hayne, CEO of Urban Outfitters.
Urban Outfitters is a lifestyle products and services company which operates a portfolio of global consumer brands including Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters and Nuuly.
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URBN Price Action: Urban Outfitters has a 52-week high of $30.82 and a 52-week low of $17.81.
The stock was down 2.79% in after hours at $21.23 on Tuesday evening.
Photo: Mike Mozart from Flickr.
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