NEWS: Urban Outfitters Inc. said Monday that strong sales at its Anthropologie and Free People brands helped boost its third-quarter profit up 18 percent to beat market forecasts.
DETAILS: The Philadelphia-based company owns the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters brands.
It said that revenue from its stores open at least a year, which includes its online and catalog business, increased 7 percent. That same measure increased 30 percent at Free People and 13 percent at Anthropologie, while falling 1 percent at its namesake brand.
NUMBERS: Net income jumped to $70.3 million, or 47 cents per share, from $59.5 million, or 40 cents per share, last year. Total revenue increased 12 percent to $774 million. Analysts polled by FactSet were anticipating earnings of 45 cents per share on revenue of $769.9 million.
FUTURE: Urban Outfitters said that while its total sales hit record levels in the most recent quarter, it remains cautious about the holiday shopping season given a shorter shopping calendar and the expectation of intense discounting in the industry to draw shoppers.
STOCK: Shares fell 44 cents to $39.20 in after-hours trading following the report. Its stock fell 53 cents to close regular trading at $39.64.