NEW YORK (TheStreet) -- Shares of Urban Outfitters (URBN) are sharply up 8.01% to $32.42 in afternoon trading Thursday after the retailer said sales at its stores open at least a year have been improving following a disappointing third quarter.
The company said same-store sales in November grew in the low single-digit percentage range.
Urban Outfitters reported its same-store sales declined by 1% in the third quarter from a year earlier.
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Strong U.S. retail sales data provided a boost to retail stocks including Urban Outfitters. Retail sales grew by 0.7% in November, higher than the 0.3% rebound in October, and surpassing the 0.4% increase analysts had expected.
Separately, TheStreet Ratings team rates URBAN OUTFITTERS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate URBAN OUTFITTERS INC (URBN) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."