Urban Outfitters shares rise, as Free People, Anthropologie lift quarterly results

Shares of Urban Outfitters Inc.
URBN,
-4.32%
rose after hours on Tuesday after the clothing retailer reported second-quarter results that beat expectations, as gains at its Free People and Anthropologie stores offset declines at its namesake chain. The company reported net income of $104.1 million, or $1.10 a share, compared with $59.5 million, or 64 cents a share, in the same quarter last year. Revenue rose to $1.27 billion from $1.18 billion in the prior-year quarter. Same-store sales rose 4.9%. Analysts polled by FactSet expected the company to earn 89 cents a share, on revenue of $1.25 billion and 4.7% same-store sales growth. Executives also noted better gross profit due to “higher initial merchandise markups and lower merchandise markdowns,” as well as falling transportation costs. Shares rose 3.1% after hours on Tuesday.