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Philadelphia -- Urban Outfitters reported Monday that net income in the third quarter rose 17.4% to $59.5 million, compared with $50.7 million in the prior-year period but missing Wall Street estimates.
Sales rose 13.6% to $692.9 million, narrowly missing analysts’ expected $692.5 million in revenue. Same-store sales dipped 1%.
“Favorable customer response to our product offerings and better marketing resulted in record third quarter sales and significant margin improvement,” said CEO Richard A. Hayne. “We see this trend continuing into the fourth quarter which bodes well for our holiday season.”
Revenue has increased for four consecutive quarters, and the company is planning significant growth. On tap for fiscal 2013 are 49 new stores, including 18 Urban Outfitters, 15 Free People, 14 Anthropologie and one BHLDN and one Terrain. For the fourth quarter, the company said it expects to open 10 stores.