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Market Movers

Urban Outfitters warns sales are slumping

Urban Outfitters also runs the Anthropologie and Free People chains.

Getty Images/File 2013

Urban Outfitters also runs the Anthropologie and Free People chains.

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Urban Outfitters Inc. took a beating after the teen retailer had lower-than-expected sales in the latest quarter (it blamed severe weather) and warned about the current quarter. Overall, same-store sales, including online, rose 1 percent. Net income rose 7.4 percent to $88.7 million. But sales at the Urban Outfitters chain fell 9 percent. That brand generated 43 percent of total sales, which rose 6 percent to $906 million, below estimates. In the current quarter, the Urban Outfitters chain “will likely be under considerable pressure,” CEO Richard Hayne said.

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