Urban Outfitters sinks after earnings miss

Urban Outfitters' shares slumped more than 8% on Wednesday morning after its fourth quarter results (for fiscal-year 2017) missed analyst estimates.

The company reported earnings per diluted share of $0.55 for the fourth quarter of 2016, missing analyst expectations by a penny, down from $0.61 earned during the same period a year ago.

Diluted earnings per share for the year ending January 31, 2017, were $1.86.

The quarter's net sales came in at $1.032 million, up 1.7% from the same period last year, but slightly below the estimate of $1.037 billion.

While net sales increased 2% over the same quarter last year, comparable retail segment net sales remained flat.

"We are pleased to announce record fourth quarter and full year sales driven mostly by the continued success in the direct-to-consumer channel," the company's CEO Richard A. Hayne said. "As we enter a new year, we will continue to shift our efforts and spend into our fastest growing channel."