15 seconds ago 2009-12-11T09:45:04-08:00
PHILADELPHIA – Apparel retailer Urban Outfitters Inc. said Thursday profit rose 5 percent, as higher sales at its Anthropologie chain helped offset weaker results at its Urban Outfitters and Free People stores.
Profit for the three months ended Oct. 31 totaled $62.4 million, or 36 cents per share, compared with $59.3 million, or 35 cents per share, a year ago.
Revenue rose 6 percent to $505.9 million from $478 million last year.
Analysts polled by Thomson Reuters predicted a profit of 35 cents per share on revenue of $499.4 million.
Sales in stores open at least one year, considered a key financial measure, fell 2 percent, including a 3 percent rise at Anthropologie, a 13 percent decline at Free People and a 5 percent decline at Urban Outfitters.
Direct-to-consumer sales rose 21 percent. Wholesale sales fell 10 percent.
At Oct. 31, inventories decreased by $18 million or 8 percent on a year-over-year basis.
