Urban Outfitters (URBN) Misses Q1 EPS by 3c
Urban Outfitters (NASDAQ: URBN) reported Q1 EPS of $0.13, ex-items, $0.03 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $761 million versus the consensus estimate of $769.81 million.
Net income for the three months ended April 30, 2017, was $12 million and earnings per diluted share was $0.10. The nonrecurring costs associated with the store organization project negatively impacted earnings per diluted share by approximately $0.03 per diluted share. The higher tax rate in the first quarter versus what the Company believes its annual effective tax rate could be, 36.5%, negatively impacted earnings per diluted share by approximately $0.02 per diluted share.
Comparable Retail segment net sales, which include the comparable direct-to-consumer channel, decreased 3.1%. By brand, comparable Retail segment net sales increased 1.5% at Free People, but decreased 3.1% at Urban Outfitters and 4.4% at the Anthropologie Group. Comparable Retail segment sales were driven by strong, double-digit growth in the direct-to-consumer channel, which were offset by negative retail store comparable net sales. Wholesale segment net sales increased 14%.
"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, Chief Executive Officer. “We believe we have significant opportunity to continue to grow both of these channels at all of our brands,” finished Mr. Hayne.
For earnings history and earnings-related data on Urban Outfitters (URBN) click here.