by Christopher Freeburn | August 21, 2012 9:37 am
Urban Outfitters (NASDAQ:URBN) said that it earned $61.3 million during the second quarter, up 8.1% from $56.7 million in the same period last year.
The apparel maker recorded sales of $676.3 million, an increase of 11% over 2011. That topped the $672.6 million that Wall Street expected, Bloomberg noted.
EPS for the quarter was 42 cents, up from 35 cents last year, and easily beating analysts, who had estimated 33 cents.
Investors liked the results, sending shares of Urban Outfitters up more than 15% in early morning trading on Tuesday.
Company officials noted that its strong sales had been driven by a wider array of products offered on-line. Urban Outfitters increased the number of products available by Internet only by 75%
Urban Outfitters branded clothes garnered sales of $310.7 million, up 14% from last year. While clothing from its Anthropologie and Free People brands realized sales of $281.8 million and $73.8 million, respectively. Free People sales soared 26% over last year, compared to Anthropologie, which saw its sales rise 3.4%.
Last week, apparel rival Gap (NYSE:GPS) posted second-quarter earnings that beat Wall Street predictions and raised its outlook for the year, while Abercrombie & Fitch (NYSE:ANF) topped its own diminished forecasts for the quarter, but warned of a weaker second half of the year. Aeropostale (NYSE:ARO) also warned of a weak third quarter after announcing second quarter profits that matched estimates.
Source URL: http://investorplace.com/2012/08/urban-outfitters-shares-soar-on-q2-results/
Short URL: http://investorplace.com/?p=218555
Copyright ©2013 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.