Why Urban Outfitters Stock Tanked 14.5% at the Open Today
Shares of basics retailer Urban Outfitters (NASDAQ: URBN) fell sharply at the open of trading on Nov. 23, dropping as much as 14.5% in the first few minutes of trading. The relevant news here, however, was seemingly positive, as the company reported record sales and profits when it announced earnings after the close on Nov. 22.
Sales at Urban Outfitters hit $1.13 billion in the third quarter of 2021, up about 16.5% or so from the same period in 2020 and 14.5% from 2019, before the coronavirus pandemic upended its business. Clearly, the company's brands are still on target with consumers. On the bottom line, the company earned $0.89 per share, up from $0.78 in the third quarter of 2020 and $0.56 the year before that. Not only was that a record, but it was higher than analysts had been expecting.
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Source Fool.com
