Urban Outfitters (NASDAQ: URBN) shares tumbled on Wednesday despite a positive Q2 report that saw it top earnings estimates.
The retail corporation reported a net income of $127 million and earnings per share of $1.28, beating the $0.79 expected.
Net sales reached a record $1.16bln for the company and increased 20.3% in comparison to the same quarter in 2019. For the first half of the year, net sales increased 14.1% to $2.01bln compared to 2019.
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“We’re pleased to report record second-quarter sales and earnings driven by extraordinary performance at all three brands,” said Richard A. Hayne, CEO. “Congratulations to all Brand, Creative and Shared teams for the exceptional execution that led to a 110% increase in earnings per share over fiscal 2020.”
Despite the strong second-quarter report, Urban Outfitters shares are down 9.23% to $36.97.
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