Urban Outfitters is soaring after beating on sales

Urban Outfitters shares jumped by as much as 9% in after-hours trading after the company reported first-quarter sales that were better than forecast.

The retailer reported adjusted earnings per share of $0.25, in line with expectations, and revenues totaling $763 million, topping expectations.

Analysts had estimated that the company earned revenues of $758.8 million according to Bloomberg.

Same-store sales were forecast to decline 0.5% across Urban Outfitters’ brands. But they rose 1%.

A drop in sales had been expected amid weakening demand for apparel. In the earnings statement, CEO Richard Hayne said apparel sales in fact underperformed.

Nordstrom, Macy’s and Kohl reported worse-than-expected results last week.

Urban Outfitters shares closed down 3% on Wednesday. Through the market close, they had climbed 8%.

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