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May 17, 2011

Urban Outfitters reported Monday that profit for the first quarter declined more than expected, posting net income of $39 million compared with $53 million a year earlier.

Philadelphia -- Urban Outfitters reported Monday that profit for the first quarter declined more than expected, posting net income of $39 million compared with $53 million a year earlier.

However, revenue topped Wall Street's estimates, as the operator of Urban Outfitters, Anthropologie, Free People and Terrain banners saw sales rise 9% to $524 million. Same-store sales fell 5%. But direct-to-consumer (catalogs and online) same-store sales increased 15%.