Urban Outfitters Inc. (URBN) shares declined in after-hours trading on Thursday after the retailer reported record holiday sales that were mostly in line with expectations.
The global consumer retailer that operates brands like Anthropologie and Free People said total company net sales and same-store sales for November and December both increased 5%. Comparable sales were driven by double-digit growth in the company's digital channel, which offset negative retail store sales.
For the 11 months ended Dec. 31, total company net sales increased 10% from 2017, with same-store net sales up 9%. The company saw strong, double-digit growth in its digital channel and positive retail store sales for the same period. Wholesale net sales grew 10%.
Urban Outfitters' said it saw "record holiday sales" in 2018, but investors weren't impressed and sent the stock down 2.5% after hours.
Retail stocks were hammered Thursday after several companies announced mixed results while analysts were expecting strong numbers due to a new tax law, record consumer sentiment and consumer spending numbers that have been the best in years.