American Eagle, Urban Outfitters Both Top Estimates
Two Pennsylvania-based specialty retailers, American Eagle Outfitters(AEOS Quote) and Urban Outfitters(URBN Quote), posted contrasting third-quarter earnings results Thursday, although both beat analysts' estimates.
Philadelphia-based Urban, which owns the Free People, Anthropologie and Urban Outfitters brands, earned $14.1 million, or 35 cents a share, in the three months ended Oct. 31, compared with $8 million, or 20 cents a share, in the prior-year quarter. Analysts polled by Thomson First Call had been expecting a profit of 31 cents a share.
Total sales rose 27% to $142.3 million, while comparable-store sales rose 17%. The company said it had a 48% increase in direct-to-consumer sales and that it had 23% more stores in operation. Urban said its operating margin was 16.5%.
Urban said that it believes existing inventory, as well as merchandise shipments scheduled to arrive in November and early December, will satisfy holiday demand even though same-store sales in early November have exceeded plans.
Shares of Urban closed at $36 Wednesday on the Nasdaq.
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