Reuters: Global Markets: Urban Outfitters sales miss Street estimates, shares fall

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Urban Outfitters sales miss Street estimates, shares fall May 20th 2013, 21:16 Mon May 20, 2013 5:16pm EDT (Reuters) - Teen apparel retailer Urban Outfitters Inc's (URBN.O) sales missed analysts' estimates even as reduced discounting helped shore up profit in the first quarter. Shares of the company fell as much as 4 percent to $42.77 in post-market trading on Monday. An unusually long winter in large parts of the United States has dampened demand for spring merchandise, which are a staple at Urban's stores that include Anthropologie and Free People. Teen apparel retailers are typically among the first to feel any pullback from customers in a tough economic climate as they cater to young shoppers who depend on allowances from parents. Rivals Aeropostale Inc (ARO.N) and American Eagle Outfitters (AEO.N) have also forecast a drop in current-quarter sales, citing the weak economy. Urban said on Monday its profit was helped by a fall in merchandise markdowns due to improved demand at its hipster Anthropologie brand and lower store occupancy expenses. Net income rose 39 percent to $47.1 million, or 32 cents per share, in the quarter ended April 30. Analysts on average had expected earnings of 29 cents per share, according to Thomson Reuters I/B/E/S. Overall sales jumped 14 percent to $648.2 million, but missed the average analyst estimate of $655.7 million. Urban said comparable retail business net sales, which also include sales in its online business, rose 9 percent. (Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty) Link this Share this Digg this Email Reprints

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