RTTNews | May 26, 2021 10:03AM EDT

10:02 Wednesday, May 26, 2021 (RTTNews.com) - Shares of Urban Outfitters, Inc. (URBN) are up more than 13% Wednesday morning after the company reported first-quarter earnings, much higher than analysts' view.

The company reported net income of $53.55 million or $0.54 per share in the first quarter compared with net loss of $138.44 million or $1.41 per share in the same quarter a year ago. Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share.

Net sales for the quarter increased 57.6% year-on-year to $927 million, driven by growth in retail segment revenue.

Comparable retail segment net sales increased 51%, on double-digit growth in both retail store and digital channel sales.

"The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share," said Richard A. Hayne, Chief Executive Officer. "Strong 'comps' were driven by powerful demand and superb execution by all teams. In May, sales trends have accelerated further which we believe bodes well for second quarter results," Hayne added.

URBN, currently trades at $39.53. It has traded in the range of $14.41- $41.95 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3197712/stock-alert-urban-outfitters-jumps-13-after-q1-earnings-trounce-estimates.aspx)

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