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Philadelphia / Bloomberg
Urban Outfitters Inc. shares rose the most in more than three years after fourth-quarter profit topped analysts’ estimates, helped by a shift toward higher-margin merchandise.
Excluding some items, earnings were 61 cents a share, the Philadelphia-based retail chain said in a statement on Monday. Analysts had projected 56 cents on average, according to data compiled by Bloomberg.
Urban Outfitters coped with slumping demand for apparel by steering consumers toward other kinds of merchandise. The company has long sold an offbeat array of housewares, vinyl records and other products, and now it’s expanding into new areas such as pizza parlours.
Urban Outfitters shares climbed to $32.69 in New York, the biggest single-day gain since August 2012. The stock is now up 44 percent this year.
Urban Outfitters, Inc. is an American multinational clothing corporation headquartered in Philadelphia, Pennsylvania. It operates in the US, Belgium, Canada, Denmark, France, Germany, Ireland, the Netherlands, Sweden, United Kingdom and Spain. Its inventory primarily consists of women’s and men’s fashion apparel, footwear, beauty and accessories, active wear and gear, and housewares, which largely draw from bohemian, hipster, ironically humorous, kitschy, retro, and vintage styles.
The company sells its product to approximately 1,400 specialty stores and select department stores. Other than that, merchandise is sold directly to customers through websites, mobile applications, catalogues and customer contact centers. As of January 31, 2015, total of 238 Urban Outfitters stores are operating, in which 179 are located in the United States, 16 are located in Canada and 43 are located in Europe.