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Urban Outfitters Profit Falls 20 Percent, Shares Fall

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    Urban Outfitters Profit Falls 20 Percent, Shares Fall
    Peter Van Allen
    Higher expenses and a dip in sales at its namesake brand masked a rise in revenue in Q1.

    Urban Outfitters Inc. sales declined at its namesake stores hampering solid performances made by its other brands.

    Although net sales increased 8 percent at Anthropologie Group and an impressive 25 percent at Free People, sales decreased 12 percent at Urban Outfitters. Overall, net sales for the company increased 6 percent to $686 million.

    The company posted a profit of $37.5 million down from $47.1 million a year earlier. Urban blamed the low profits on pre-opening rent expenses for new stores and lower merchandise margins "resulting from poor performing product" at the Urban Outfitter brand. Read more about this story on PBJ.com

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