Why Urban Outfitters Stock Surged Today
Shares of Urban Outfitters (NASDAQ: URBN) rose sharply on Wednesday, following the release of the lifestyle retailer's first-quarter financial results. As of 2 p.m. EDT, the stock's price was up roughly 9%.
Urban Outfitters' total sales soared 57.6% year over year to $927 million, fueled by a 51% jump in comparable-store sales. The gains were broad-based. Comps for the company's three core brands -- Free People Group, Anthropologie Group, and Urban Outfitters -- rose 77%, 50%, and 42%, respectively.
Retail store traffic is recovering as the pandemic subsides. Image source: Getty Images.
Source Fool.com