Benzinga | Nov 23, 2021 11:21AM EST

What's Up With Urban Outfitters Stock Today?

Urban Outfitters Inc (NASDAQ:URBN) is trading lower Tuesday after the company announced its third-quarter financial results.

Urban Outfitters reported quarterly earnings of 89 cents per share, which beat the estimate of 84 cents per share. The company reported quarterly revenue of $1.13 billion, which beat the estimate of $1.12 billion.

Urban Outfitters attributed the increase in its gross profit rate to record low merchandise markdown rates and leverage in store occupancy expense primarily due to the increased penetration of the digital channel in retail segment net sales. The company said such was partially offset by an increase in delivery and logistics expenses and lower initial merchandise markups.

Related Link: Recap: Urban Outfitters Q3 Earnings

"I'm pleased to announce our teams produced record Q3 sales and earnings. We are excited that November 'comp' sales to date for all brands have accelerated from their Q3 rate," said Richard Hayne, CEO of Urban Outfitters.

Urban Outfitters is an apparel and home goods retailer that operates more than 600 stores in North America and Europe.

URBN Price Action: Urban Outfitters has traded as high as $42.10 and as low as $24.40 over a 52-week period.

At publication time, the stock was down 14.30% at $31.95.

Photo: Mike Mozart from Flickr.