Urban Outfitters Q1 profit falls 28%, beats estimates

Philadelphia Urban Outfitters said Thursday that its first-quarter profit dropped 28% as customers cut back on spending on its Anthropologie and Free People brands.

Still, results beat analysts' estimates.

Net income dropped to $30.8 million from $42.6 million a year earlier. Sales fell 2% to $384.8 million.

Combined same-store sales, which include the Anthropologie, Free People and namesake brands, declined 9.6% in the period.

By brand, Urban Outfitters same-store sales dipped 6%, Anthropologie's fell 13% and Free People same-store sales dropped 23%.

Urban Outfitters opened five new stores in the quarter and said it plans to open about 42 new stores in the current fiscal year.