- Lands’ End Business Outfitters launches new online experience
- Urban Outfitters sees record Q2 sales, profit slides
- Appealing to Gen Y Shoppers
- Urban Outfitters issues apology for controversial Kent State sweatshirt
- Urban Outfitters opens side-by-side men’s and women’s stores in Westwood Village, California
Philadelphia -- Urban Outfitters Inc.’s third-quarter profit fell 31% amid a decline in same-store sales and as merchandise markdowns continued to weigh on margins.
For the quarter ended Oct. 31, Urban Outfitters posted earnings of $50.7 million, down from $73.1 million in the year-ago period.
Gross margin narrowed to 35.4% from 41.1%, partly due to increased merchandise markdowns at Anthropologie and Urban Outfitters. Total inventories grew by $78 million.
Net sales, as reported earlier, increased 6.3% to $610 million. Same-store sales were down 7%.