USA: Urban Outfitters Profit Soars
Urban Outfitters Inc, a youth-oriented clothing retailer, said fiscal second quarter net income rose 82 per cent, largely because of increased demand for women's clothing and accessories. The news sent the Philadelphia company's stock rising 16 per cent. Net for the quarter ended July 31 totalled $3.2m, or 18 cents a share, up from $1.7m a year earlier. Sales rose 20 per cent to $80.4m from $66.7m. Comparable-store sales, or sales at stores open at least a year, rose three per cent. Earnings beat by two cents a share the consensus estimate of analysts surveyed by Thomson Financial/First Call.
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