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Profits trend lower at Urban Outfitters
PHILADELPHIA — Urban Outfitters, which caters to a clientele with a unique and forward-looking approach to fashion and lifestyle merchandise, missed the mark during the second quarter, reporting a 21% profit decline and a same-store sales slip of 2%.
The company reported that earnings for the quarter were $56.7 million compared $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.
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Home Depot Q2 net income rises 14% on storm-related repairs
Atlanta -- Home Depot reported Tuesday that its second-quarter net income soared 14% to $1.36 billion, compared with $1.19 billion in the year-ago period. The home-improvement retailer cited an uptick in storm-related repairs and lawn supplies for the improved performance.
Revenue rose 4% to $20.23 billion, topping Wall Street’s expected $19.97 billion. Same-store sales rose 4.3% globally and 3.5% in the United States.