Urban Outfitters shares up 10% after earnings beat
Urban Outfitters Inc. shares rose more than 10% Tuesday after the retailer reported second-quarter sales and per-share earnings that were above expectations. The parent company of Anthropologie and Vetri Family said it earned $77 million, or 66 cents a share, in the second quarter, compared with $67 million, or 52 cents a share, in the year-ago period. Sales rose 3% to $891 million, from $867 million a year ago. Analysts polled by FactSet had expected Urban Outfitters to report earnings of 55 cents a share on sales of $886 million. "Substantial" improvements in margins led to the results, the company said in a statement. Urban Outfitters shares had ended the regular trading day flat.
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