Urban Outfitters (URBN) used to bank on appealing to hipster millennials that crave fashion, but now it seems even they aren't visiting physical stores.
After Tuesday's market close, Urban Outfitters reported first-quarter earnings of 10 cents a share and revenue of $761 million, badly missing Wall Street's estimates for earnings of 15 cents a share on revenue of $769 million.
Comparable store sales decreased 3.1% across the company's three banners, and 4.4% at Anthropologie and 3.1% at Urban Outfitters. At Free People, same-store sales were up 1.5%.
Shares of Urban Outfitters fell slightly in after-market trading.
After Urban Outfitters reported weak results for its last quarter, CEO Richard Hayne gave a troubling outlook for the retail sector, saying it's like the housing bubble that now burst.
Urban Outfitters' ugly first-quarter follows in the footsteps of others in the mall, including J.C. Penney (JCP) , which saw its same-store sales fall 3.5% in the recent period and Macy's (M) , which posted a whopping comparable store sales decline of 5.2%.