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City Outfitters (NASDAQ:URBN) shares moved modestly increased in Monday’s prolonged buying and selling regardless of a combined Q3 report.
Web gross sales for the quarter elevated 3.9% from the identical interval in 2021 to $1.18B. In the meantime, a report of $0.40 in earnings per share got here in two cents beneath analyst expectations. The previous was famous as a report for the third quarter by CEO Richard Hayne.
“We’re happy to announce report Q3 gross sales fueled by robust ‘comps’ on the Anthropologie and Free Folks manufacturers,” he stated. “As we strategy the all-important Black Friday/Cyber Monday weekend, we’re inspired by gross sales quarter-to-date.”
Comparable retail phase web gross sales elevated 13% on the Anthropologie Group and eight% on the Free Folks Group, offsetting a 9% decline on the core City Outfitters model. Stock ranges additionally marked a smaller acquire than prior quarters, rising 18.6% as in comparison with over 40% or better progress charges in prior quarters. Gross revenue fee decreased by 416 foundation factors as the corporate utilized important markdowns to clear stock.
Throughout the first 9 months of its fiscal 12 months, the Firm opened a complete of 23 new retail places. The retailer opened 13 new Free Folks Group shops, 5 City Outfitters shops, 4 Anthropologie shops, and one Menus & Venues restaurant. In the meantime, 2 City Outfitters shops, one Group retailer and one Free Folks retailer have been closed.
Shares rose 2.15% shortly after the print.
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