Urban Outfitters, Inc. (NASDAQ:URBN) was the latest retailer to disappoint investors, falling short of expectations on both the top and bottom lines. URBN stock holders will be watching to see if the shares today extend a stretch of declines that has knocked the price down 11% this month.

The operator of brands including Anthropologie, Free People and Terrain, Urban Outfitters reported Q1 sales of  $761.2 million compared with $762.6 million last year. Wall Street forecasts averaged $769.8 million. Net income for the three months ended April 30, 2017, was $12 million, according to a company press release. Earnings per share were 10 cents versus 25 cent last year; analysts had expected 16 cents. URBN said that its higher tax rate in the first quarter chipped off about 2 cent per share.

The Philadelphia-based specialty retailer said comparable sales fell 3.1% in the latest period.

“During the first quarter we continued to see strong double-digit growth from our direct-to-consumer channel and our wholesale business,” said Richard A. Hayne, CEO.  He added that the company has “significant opportunity to continue to grow both of these channels at all of our brands.”

Last month, Zacks Investment Research warned that URBN was one of five retailing stocks that are out of favor during the current earnings season. “The retail landscape has been undergoing a fundamental change, with technology playing a major role and the focus shifting to online shopping. This shift in buying pattern has forced retailers to come up with innovative ways to market their products. Retailers who have responded quickly to it by staying ahead technologically stand in good stead.”

Year-to-date, URBN stock has fallen more than 28% compared to a 7.9% increase in the S&P 500 index during the same period.