Urban Outfitters 3rd-quarter profit up 5 percent

AP News
Posted: Nov 12, 2009 6:33 AM

Apparel retailer Urban Outfitters Inc. said Thursday profit rose 5 percent, as higher sales at its Anthropologie chain helped offset weaker results at its Urban Outfitters and Free People stores.

Profit for the three months ended Oct. 31 totaled $62.4 million, or 36 cents per share, compared with $59.3 million, or 35 cents per share, a year ago.

Revenue rose 6 percent to $505.9 million from $478 million last year.

Analysts polled by Thomson Reuters predicted a profit of 35 cents per share on revenue of $499.4 million.

Sales in stores open at least one year, considered a key financial measure, fell 2 percent, including a 3 percent rise at Anthropologie, a 13 percent decline at Free People and a 5 percent decline at Urban Outfitters.

Direct-to-consumer sales rose 21 percent. Wholesale sales fell 10 percent.

At Oct. 31, inventories decreased by $18 million or 8 percent on a year-over-year basis.