Retailer Urban Outfitters shares soar more than 20% after big earnings beat

Aug 16, 2017 | Bad Credit Loans, Bank Lending, Business Lending, Business Loans, Capital, Economics, Finance, Non-Bank Loans, Working Capital

Shares of Urban Outfitters soared Wednesday after the retailer reported earnings and revenue that topped expectations.

In premarket trading, the retailer’s shares surged more than 20 percent.

Here’s what Wall Street was expecting:

  • Earnings per share: 44 cents per share, vs. 37 cents expected, according to a survey of analysts by Thomson Reuters.
  • Revenue: $873 million, vs. $861 million estimated, Thomson Reuters said.
  • Same-store sales: a decrease of 4.9 percent, vs. 6.9 percent drop expected, according to Thomson Reuters.

By brand, sales rose 2.9 percent at Free People, but fell 4 percent at the Anthropologie Group and 7.9 percent at Urban Outfitters.

“While we are disappointed in our second quarter performance, we have a number of initiatives underway including: speed to customer, international growth, wholesale expansion and digital investments,” CEO Richard A. Hayne said in a statement. “We believe these initiatives combined with encouraging fashion apparel trends could lead to improved topline performance in future quarters.”