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By
Reuters
Published
May 19, 2015
Reading time
2 minutes
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Urban Outfitters misses estimates as Anthropologie slows down

By
Reuters
Published
May 19, 2015

Urban Outfitters Inc's quarterly sales fell short of market estimates as sales under the Anthropologie brand rose at the slowest pace in 11 quarters, sending the company's shares down 17 percent in extended trading.

The company called Anthropologie's performance a "disappointment" and said it expects more discounts in the business in the second quarter as it tries to attract young women.

Increasing competition from fast fashion brands such as H&M, Inditex's Zara and Forever 21 and a series of fashion misses have turned women away from Urban Outfitters' stores.

Net sales in the Anthropologie brands business, which caters to women aged 28-45 years, rose 3.8 percent to $311.4 million.

The company said Tedford Marlow, chief executive of the Urban Outfitters division, would retire by the end of August.

The company has been overhauling stores and merchandise at its namesake brand to fight a slowdown in sales.

Urban Outfitters said inventories rose 14 percent in the first quarter.

Overall same-store sales rose 4 percent, missing the 5.3 percent growth analysts had expected, according to research firm Consensus Metrix.

Comparable retail net sales at Free People, the company's smallest brand, rose 17 percent in the quarter, compared with a 5 percent rise in Urban Outfitters and a 1 percent rise in Anthropologie.

Revenue rose nearly 8 percent to $739.0 million.

Net income fell 12.5 percent to $32.8 million, or 25 cents per share, as cost of goods sold rose 10 percent.

Analysts on average had expected a profit of 30 cents per share and revenue of $758.2 million, according to Thomson Reuters I/B/E/S.
Shares of Urban Outfitters closed at $40.72 per share on the Nasdaq on Monday. 

$1 = £0.64

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