Urban Outfitters Sees Fiscal 1Q Profits Drop 20%

Teen apparel retailer Urban Outfitters Inc reported a 20 percent fall in its quarterly profit as costs jumped.

Urban Outfitters shares fell 3 percent in extended trading on Monday.

Net income fell to $37.5 million, or 26 cents per share, for the first quarter ended April 30 from $47.1 million, or 32 cents per share, a year earlier.

Net sales rose about 6 percent to $686.3 million.

The retailer has been struggling to win back customers from cheaper and trendier "fast fashion" chains such as Forever 21, H&M and Inditex's Zara. (Reporting by Devika Krishna Kumar in Bangalore; Editing by Joyjeet Das)