Urban Outfitters is tumbling after a big earnings miss
The company reported first quarter earnings of $0.25, below analysts' estimates of $0.30, according to Bloomberg.
The company posted record sales of $739 million, but these still came in below expectations for $757.58 million.
"I am pleased to announce record first quarter sales and positive Retail segment comparable net sales at each of our brands," said CEO Richard Hayne in the release. "I believe our Retail segment comparable net sales growth is being driven by the success of our omni-channel strategy."
Same-store sales rose 4%, below expectations for an increase of 5.1%.
During the quarter, the company opened seven new stores, and closed one Urban Outfitters store.
Sales climbed 5% at Urban Outfitters stores, 17% at Free People, and 1% at Anthropologie.
It said total inventories rose by $49 million, or 14% year-over-year, as of April 30.
It's been a rough quarter for retailers including Macy's and JCPenney, which posted earnings below analyst expectations.
Urban Outfitters' stock is up 16% year-to-date and 12% over the past 12 months.
