Urban Outfitters Q2 profit slips 14%

Philadelphia Urban Outfitters said Thursday that its second-quarter profit fell 14% on higher costs and same-store sales declines at its Anthropologie, Free People and namesake stores.

Net income slipped to $49 million, from $57 million in the year-ago period; estimates normally exclude one-time items. For the period ended July 31, sales edged up 1% to $458.6 million from $454.3 million.

The results narrowly missed Wall Street's estimate of $458.7 million.

Selling, general and administrative expenses climbed to $108.7 million from $103.6 million.

Same-store sales dropped 6% during the quarter, with a 4% drop-off at Anthropologie and a 16% decline at Free People. Same-store sales slipped 8% at its namesake stores.

During the six months ended July 31, the retailer has opened a total of 15 new stores including six Urban Outfitters stores, six Anthropologie stores and three Free People stores. It expects to open 34 to 36 new stores during the full fiscal year.