PHILADELPHIA (dpa-AFX) - Shares of Urban Outfitters Inc. (URBN) are gaining nearly 6% on Tuesday extended session after the apparel retailer reported a first-quarter profit and sales that trounced Wall Street expectations, driven largely by double-digit growth in both retail and online sales.
The company reported profit of $53.5 million or $0.54 per share, compared to a loss of $138.4 million or $0.1.41 per share last year. On average, 18 analysts polled by Thomson Reuters were expecting the company report a profit of $0.17 per share.
Revenue for the quarter surged 57.6% to $927.4 million from $588.5 million last year. Analysts had a consensus revenue estimate of $900.15 million for the quarter.
Comparable Retail segment net sales increased 51%, driven by strong double-digit growth in both retail store and digital channel sales. Last year's results were heavily impacted by the COVID-19 pandemic.
Commenting on the results, Richard Hayne said, 'Strong 'comps' were driven by powerful demand and superb execution by all teams. In May, sales trends have accelerated further which we believe bodes well for second quarter results.'
URBN closed Tuesday's trading at $34.96, up $0.24 or 0.69%, on the Nasdaq. The stock further gained $2.04 or 5.84%, in the after-hours trade.
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