Urban Outfitters posted second quarter earnings of $68 million, or 49 cents a share on revenue of $811 million. Wall Street analysts were looking for the upscale, fashionable retailer to earn 49 cents a share on sales of $807 million. Last year, Urban Outfitters earned $0.51 a share on $758.5 million in revenue. Comparable net sales increased 21 percent at its Free People division and 6 percent at the Anthropologie Group. Comparable sales declined 10 percent at its namesake Urban Outfitters stores while its wholesale segment sales rose 36 percent. TheStreet's Gregg Greenberg has details from New York.

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