Urban Outfitters' banners post big same-store gains, reports 1Q profit

Urban Outfitters, Inc. posted a 51 percent gain in same-store sales — Free People jumped 77 percent, Anthropologie grew 50 percent and Urban Outfitters was up 42 percent. The retailer posted a profit of 54 cents per share, compared to a loss of $1.41 last year. “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.”