Shares of Urban Outfitters (URBN) were declining by 9.6% to $16.48 on Thursday morning, after the retailer warned that the decline in comparable retail sales has increased in the fiscal 2018 second quarter. The company issued the warning in an SEC filing.
"Thus far during the second quarter of fiscal 2018, comparable retail segment net sales are high single-digit negative," Urban Outfitters said in the filing.
The issues Urban Outfitters is having showcases the trouble in the brick and mortar retail segment as consumers are doing the bulk of their retail shopping online.
Click here for the latest business headlines.
Retail's downturn giving you the blues? Jim Cramer has a list of retailers that are currently oversold, giving investors a leg up one of the market's most volatile sectors.