Urban Outfitters (NASDAQ:URBN) unveiled its latest quarterly earnings results late today, bringing in a profit that beat expectations, as well as sales that topped the mark and increased year-over-year, yet URBN stock was down after hours.
The Philadelphia, Penn.-based lifestyle retail business revealed that for its first quarter of its fiscal 2019, it brought in net income of $32.6 million, amounting to roughly 31 cents per share. This marked a 21% decline from its net income during the year-ago quarter, which came in at $41.3 million, or 38 cents per share.
Urban Outfitters’ earnings were stronger than the Wall Street consensus estimate of 25 cents per share, according to a survey of analysts conducted by FactSet. The company added that its sales tallied up to $864.4 million, a 1% gain over its year-ago revenue of $855.7 million.
The Wall Street outlook saw the retail business bringing in revenue of $854.7 million, according to data compiled by FactSet. Urban Outfitters also revealed that it is rolling out a subscription rental service for women’s clothes called Nuuly, following a popular business model in the industry at the moment.
The service will see subscribers pay about $88 for a six-item box per month that includes items from Urban Outfitters and third-party brands.
URBN stock is sliding 1.8% after hours on Tuesday following the company’s strong quarterly earnings showing. Shares had been gaining 0.2% during regular trading hours ahead of its results.