Press "Enter" to skip to content

Urban Outfitters Shares Plunge After Q3 Results; Earnings Top Estimates

Urban Outfitters Inc (NASDAQ: URBN) reported third-quarter FY22 sales of $1.13 billion, beating the analyst consensus of $1.12 billion. Sales improved 14.6% over Q3 FY20. EPS of $0.89 beat the analyst consensus of $0.84.

  • Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by mid-single-digit negative retail store sales primarily due to reduced store traffic.
  • Retail segment sales rose 16.6% Y/Y, and wholesale sales increased 11.2%.
  • Selling, general and administrative expenses rose 11.8% from Q3 FY20 to $29 million.
  • The gross profit increased 20.9% Y/Y to $390 million with a profit margin of 34.5%.
  • The operating margin was 10.2%, and operating income for the quarter rose 17.6% Y/Y to $115.9 million.
  • The company held $236.4 million in cash and equivalents as of October 31, 2021.
  • As of October 31, 2021, total inventory increased by 18.0% versus inventory as of October 31, 2019.
  • “We are excited that November’ comp’ sales to date for all brands have accelerated from their Q3 rate,” said CEO Richard A. Hayne.
  • Price Action: URBN shares are trading lower by 11.5% at $33 in premarket on the last check Tuesday.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *