Urban Outfitters Q4 Profit Up

(RTTNews) - Urban Outfitters Inc. (URBN), Tuesday reported fourth-quarter net income of $86.4 million or $0.80 per share, up from $1.3 million or $0.01 per share last year.

On an adjusted basis, earnings for the quarter were $0.83 per share, up from $0.69 per share last year.

Net sales for the quarter increased 3.7% to $1.13 billion from $1.09 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.79 per share and revenues of $1.14 billion.

Comparable retail segment sales increased 3%, driven by double-digit growth in the digital channel, partially offset by negative retail store sales.

"The fourth quarter closed what was an incredibly successful year for URBN and all of our brands," said CEO Richard Hayne. "I want to thank our associates worldwide for producing a record year and for their dedication, drive and creativity."