URBN Stock Price: Over 8% Increase Pre-Market Explanation

By Amit Chowdhry ● May 26, 2021
  • The stock price of Urban Outfitters, Inc. (NASDAQ: URBN) increased by over 8% pre-market. This is why it happened.

The stock price of Urban Outfitters, Inc. (NASDAQ: URBN) – a leading lifestyle products and services company that operates a portfolio of global consumer brands comprised of the Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly, and Menus & Venues brands – increased by over 8% pre-market. Investors are responding positively to Urban Outfitters announcing its first quarter results.

The company said it hit a net income of $54 million and first quarter earnings per diluted share of $0.54 for the three months ended April 30, 2021.

The total company net sales for the 3 months ended April 30, 2021, were a record $927 million. And net sales increased 7.3% compared to the three months ended April 30, 2019.

KEY QUOTE:

“The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share. Strong ‘comps’ were driven by powerful demand and superb execution by all teams. In May, sales trends have accelerated further which we believe bodes well for second quarter results.” 

— Richard A. Hayne, Chief Executive Officer

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.