Urban Outfitters sees profits slide in Q1

PHILADELPHIA — Urban Outfitters announced net income of $39 million, or earnings per diluted share of 23 cents for the first quarter ended April 30, compared with net income of $53 million, or earnings per diluted share of 31 cents.

Total company net sales rose by 9% over the same quarter last year to $524 million. Comparable retail segment net sales, which includes direct-to-consumer channels, decreased 1% for the quarter while comparable store net sales decreased 5% for the quarter.

"I am confident that we are on the right course to bring our business back to its high standards," said CEO Glen Senk. "I am encouraged by the progress each of the brands have made and anticipate improvements to occur gradually during the balance of this fiscal year," finished Senk.

During the three months ended April 30, the company opened a total of 10 new stores including: 5 Free People stores, 2 Urban Outfitters stores and 3 Anthropologie stores.