Why Urban Outfitters Stock Jumped This Week
Week to date, shares of Urban Outfitters (NASDAQ: URBN) were up 11% through Thursday's close, according to data provided by S&P Global Market Intelligence.
The company reported better-than-expected holiday sales that sent the stock soaring. Investors have been bracing for weaker numbers considering the macroeconomic headwinds impacting consumer spending, but some of the company's top brands have the advantage of an affluent customer base.
Total net sales growth was consistent with previous quarters, up 2.3% year over year, hitting a record level for the company. Comparable sales growth of 2% would have been 1 point higher if not for a negative change in foreign currency translation. The company reported balanced results across digital sales channels and retail stores, with both channels delivering low-single-digit growth.
Source Fool.com
