Urban Outfitters, Inc. (NASDAQ: URBN), a leading lifestyle products and services company, announced its financial results for the second quarter ended July 31, 2017, with earnings and revenue topping estimates.
For the second quarter of fiscal 2018, the company reported total net sales of $873 million, which was down 2% from the $891 million in the same period last year. The results beat analysts’ estimates of $862 million.
As for the earnings, the company reported profits of $50 million, or $0.44 cents per share for the second quarter, decreasing from the $77 million, or $0.66 per share in the same period last year, but beating estimates of $0.37 per share.
“While we are disappointed in our second quarter performance, we have a number of initiatives underway including: speed to customer, international growth, wholesale expansion and digital investments,” Richard A. Hayne, the Chief Executive Officer of Urban Outfitters, said in the statement on Tuesday.
“We believe these initiatives combined with encouraging fashion apparel trends could lead to improved topline performance in future quarters,” Mr. Hayne said.
Shares of the company increased over 17% late Tuesday after the earnings announcement.