05/22/2024 – 8:55
Urban Outfitters reported a larger-than-expected increase in quarterly revenue and profit this Tuesday, 21st, and its stock rises in pre-market trading in New York today.
The American clothing retailer reported net profit of US$61.765 million in the first fiscal quarter of 2024 (ended April 30), compared to US$52.8 million in the same period in 2023. The result represents earnings per share of US$0 .69 in adjusted terms – above the US$0.53 forecast from analysts surveyed by FactSet.
The company expanded its revenue to $1.201 billion from $1.113 billion a year earlier. The figure also exceeded expectations, of revenue of US$ 1.18 billion.
“Customer demand for our spring/summer fashion remains robust, which bodes well for continued sales growth in the second quarter,” CEO Richard Hayne said in a press release.
At 8:34 am (Brasília time), Urban Outfitter’s shares were up 3.87% in business before the opening of the New York stock exchanges.
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