RTTNews | Aug 26, 2020 09:48AM EDT

09:47 Wednesday, August 26, 2020 (RTTNews.com) - Shares of Urban Outfitters Inc. (URBN) are gaining over 25% on Wednesday morning continuing its upward growth from last evening after the apparel retailer reported a second-quarter profit and sales that trumped Wall Street expectations driven largely by online sales.

URBN is currently trading at $26.18, up $5.38 or 25.87%, on the Nasdaq.

The company's profit dropped to $34.40 million or $0.35 per share from $60.32 million or $0.61 per share last year. However, analysts polled by Thomson Reuters were expecting the company report a loss of $0.40 per share.

Revenue fell 16.5% to $803.27 million from $962.33 million last year. Analysts had a consensus revenue estimate of $672.63 million for the quarter.

"I'm pleased to announce URBN produced solid revenues and profits for the second quarter driven by strength in the digital channel," said CEO Richard Hayne. "Notably, all brands were profitable and enter the fall selling season with lean inventories and positive momentum."

Comparable Retail segment net sales decreased 13%, however was partially offset by strong double-digit growth in the digital channel.

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