May 26, 2021 (Baystreet.ca via COMTEX) -- Urban Outfitters Inc /zigman2/quotes/208403734/composite URBN +1.95% is trading higher Wednesday morning after the company reported better-than-expected earnings results.
Urban Outfitters announced first-quarter earnings of 54 cents per share, which beat the estimate of 17 cents per share. It reported quarterly revenue of $927.41 million, which beat the estimate of $900.15 million.
"The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share. Strong 'comps' were driven by powerful demand and superb execution by all teams," said CEO Richard Hayne.
Telsey Advisory Group analyst Dana Telsey maintained Urban Outfitters with an Outperform rating and raised the price target from $45.00 to $47.00.
JPMorgan analyst Matthew Boss upgraded Urban Outfitters from Underweight to Neutral and raised the price target from $30 to $38.
Total Company net sales for the three months ended April 30, 2021, were a record $927 million. Net sales increased 7.3% compared to the three months ended April 30, 2019.
Comparable Retail segment net sales increased 10%, driven by strong double-digit growth in digital channel sales, partially offset by negative retail store sales due to reduced store traffic impacted by temporary store closures and occupancy restrictions in Europe and Canada.
By brand, comparable Retail segment net sales increased 44% at the Free People Group, 9% at Urban Outfitters and 1% at the Anthropologie Group. Total Retail segment net sales also increased 10%.
URBN shares popped $5.10, or to $40.06.
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