Shares of Urban Outfitters ( URBN) were higher Thursday after the company more than doubled its fourth-quarter profit, surpassing Wall Street's consensus forecast. The company was also optimistic about full-year 2004 earnings, saying it expects to increase revenue by 20% and add at least 24 new stores, with a new focus on mall-based locations. Urban Outfitters, which operates the Urban Outfitters, Anthropologie and Free People brands, earned $18.4 million, or 45 cents a share, in the fourth quarter, compared with $8.4 million, or 21 cents a share, a year ago. Analysts had been expecting 42 cents a share. Total sales increased 50% to $176.1 million from $117.6 million a year ago, helped by a 21% increase in quarterly same-store sales. "The fourth-quarter was the prefect ending for our record-shattering year," the company said on a conference call with analysts. In the full year, Urban Outfitters earned $48.4 million, or $1.20 a share, up from $27.4 million, or 71 cents a share, a year ago. Total sales increased to $548.4 million, from $422.8 million last year. Shares of the company were lately up $1 or 2.35%, at $43.54. They have skyrocketed 362% in the past year and are approaching their all-time high of $45.47 reached on Feb. 12. The company, which targets its merchandise to consumers in their mid-20's, said quarterly sales were driven by full-priced merchandise which had higher initial markups. The company also said average transaction prices were up. Lastly, improved inventory management reduced the need to use markdowns to clear out slow-moving merchandise. Apparel and accessories were the company's best categories in the quarter. Additionally, Urban Outfitters had a 29% sales increase in its wholesale Free People brand business, partly because its total customer base rose 17%. The Philadelphia-based company said its operating margin was up 398 basis points, while gross profit margin increased 433 basis points. Urban Outfitters cited higher initial merchandise margins, decreased markdowns and improved occupancy expenses. At the same time, selling, general and administrative expenses -- as a percentage of sales -- decreased by 175 basis points, the company said.