Urban Outfitters Struggles in Third-Quarter as Sales Plummet

Urban Outfitters says an ongoing sales slump could hurt its third-quarter earnings. The Philadelphia-based retailer has delivered strong sales gains at its Anthropologie and Free People brands recently, but its namesake brand has floundered. Urban says negative sales from established stores, a key industry measure, have extended into the current quarter. And that could weigh on its gross profit margin and ultimately, its earnings for the third quarter. The company did not provide a specific earnings forecast. Analysts surveyed by FactSet expect the retailer to earn $0.50 per share on revenue of $835.6 million.