URBN - Urban Outfitters slides after earnings disappoint investors in first sweep

Urban Outfitters (NASDAQ:URBN) reports comparable retail segment sales increased 14% in Q3. The retailer says sales growth was driven by strong double-digit growth in digital channel sales, partially offset by mid-single-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable retail segment net sales increased 55% at Free People, were up 7% at Urban Outfitters and were 9% higher for the Anthropologie chain. Wholesale segment sales were down 15% during the quarter primarily from a reduction in Free People Group's sales to promotional wholesale customers. Gross margin rose 202 bps during the quarter. The increase in gross profit rate was primarily due to record low Q3 merchandise markdown rates in the retail segment and leverage in store occupancy expense primarily due to the increased penetration of the digital channel in retail segment net sales Net income was $89M vs. $77M a year ago. Total inventory at

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Urban Outfitters slides after earnings disappoint investors in first sweep