Urban Outfitters Shares Tank After Company Misses EPS, Sales Expectations

Shares of Urban Outfitters Inc. fell more than 7% late Tuesday after the retailer reported sales and earnings below Wall Street expectations. Urban Outfitters said it earned $47 million, or 40 cents a share, in the third quarter, compared with $52 million, or 42 cents a share, in the year-ago period. Sales reached $862 million in the quarter, compared with $825 million a year ago. Analysts polled by FactSet had expected the Philadelphia-based retailer to report earnings of 44 cents a share on sales of $869 million. Comparable-store sales rose 1%, compared with expectations of a 1.9% increase, according to FactSet. The shares had ended the regular trading day up 5%.