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Earnings Results: Urban Outfitters stock plummets after earnings show in-store sales declining

Urban Outfitters Inc.  shares fell in the extended session Monday after the retailer posted better earnings and revenue than expected but did not show as much growth in comparable sales as expected.

Urban Outfitters

shares dropped more than 10% after hours, following a 3% rise to close the regular session at $37.27.

The company reported third-quarter net income of $88.9 million, or 89 cents a share, compared with $76.7 million, or 78 cents a share, in the year-ago period. Revenue rose to $1.13 billion from $969.6 million in the year-ago quarter, while comparable retail segment sales rose 14%. The company said double-digit growth in digital sales offset mid single-digit declines in retail store sales.

Analysts surveyed by FactSet had forecast earnings of 84 cents a share on revenue of $1.12 billion and same-store sales growth of 15.2%.

Sales at the namesake chain were $415.9 million, while Anthropologie sales totaled $431.4 million, and Free People brought in $265 million in sales.

Over the past 12 months, Urban Outfitters shares have gained 23%, compared with a 32% rise in the S&P 500 index

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