Urban Outfitters Inc. continued to buck its peers in the struggling retail market by reporting yesterday that its latest quarterly earnings increased 45 percent.
The Philadelphia specialty clothing retailer said earnings for the three months ended April 30 were $42.6 million, or 25 cents a share, compared with $29.4 million, or 17 cents a share, a year earlier. On a per-share basis, the increase was 47 percent.
The earnings per share beat analysts' expectations of 23 cents.
Total sales for the quarter increased 25 percent to $394.3 million, which the company said was a record. The sales topped analysts' expectations, which were for $392.2 million.
"We produced exceptional results during the quarter," chief executive officer Glen T. Senk said.
The company runs 256 Anthropologie, Free People and Urban Outfitters stores and recently launched an upscale garden store called Terrain.
The company's shares fell 10 cents to close at $32.89 yesterday in Nasdaq trading. Over the last 52 weeks, they have traded in a range of $19.20 to $35.37.