Proactive Investors - Urban Outfitters, Inc. (NASDAQ:URBN) shares moved higher in after-hours trading on Tuesday as the retailer reported record second quarter sales and earnings which topped Street estimates.
For the three months ended July 31, 2023, the company reported earnings per share (EPS) of $1.10, up from $0.64 in the year-ago quarter. Analysts had expected EPS of $0.89.
Revenue increased 7.5% year-over-year to $1.27 billion, ahead of estimates of $1.25 billion.
The company noted that its sales growth was driven by mid-single-digit increases in both retail stores and its digital channels.
By brand, Free People Group and Anthropologie Group sales increased by 26.9% and 10.6% respectively, while Urban Outfitters sales decreased by 14.1%.
“We are proud to report record second quarter sales that helped drive a 72% increase in EPS,” Urban Outfitters CEO Richard Hayne said in a statement. “Also gratifying is that 2Q’s sales strength has continued to date in 3Q.”
Urban Outfitters shares had gained 3.4% at US$35.25 shortly following the release of its 2Q results, paring a loss of 4.3% at Tuesday's market close ahead of its report.