Urban Outfitters posted a three percent decline in sales during the second quarter, while its profit fell 35 percent. “This year’s second quarter will not be remembered as one of Urban’s finest. We produced sales and margins below our expectations. Customer acceptance was softer than planned,” CEO Richard Hayne said on the retailer’s earnings call. “This resulted in higher year-over-year markdowns and lower margins. Lower store traffic accentuated negative store comp performance and weighed on overall results.”