Urban Outfitters (URBN) Stock Soaring to 52 Week High Today After Strong Earnings
NEW YORK (TheStreet) -- Shares of Urban Outfitters (URBN) - Get Report are soaring, up 8.63% to $42.92 on heavy volume Tuesday morning, following the apparel retailer's better than expected fourth quarter earnings results.
The company said strong comp sales were helped by recovering sales at its namesake Urban Outfitters brand, and higher demand for its Free People line of clothes.
For the fourth quarter, the fashion company posted earnings of 60 cents per share, up from 59 cents per share a year ago, and surpassing the consensus estimate of 58 cents per share.
Revenue rose 11.6% year over year to $1.01 billion, in-line with analysts' expectations. The company said its first billion dollar quarter was fueled by positive sales at all its brands.
Urban Outfitters saw its sales rise 18% at its Free People brand, 6% at the Anthropologie Group and 4% at Urban Outfitters.
About 2.47 million shares of Urban Outfitters have exchanged hands as of 10:12 a.m. ET today, compared to its average trading volume of about 1.26 million shares a day.
Urban Outfitters is a Philadelphia-based lifestyle specialty retail company, operating under the Urban Outfitters, Anthropologie, Free People, Terrain and BHLDN brands known for a range of eclectic merchandise.
The company sells women's and men's fashion apparel, footwear and accessories as well as a mix of apartment wares and gifts.
