Lifestyle retailer Urban Outfitters (NASDAQ:URBN) gained in pre-market trading after the company reported strong retail sales in the holiday months. In the two months ending December 31, 2023, the company’s sales increased by 10% compared to the two months ended December 31, 2022.
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Its comparable retail sales increased by 6% in these two months, driven by a high single-digit rise in digital channel sales and a low single-digit growth in retail store sales. For the eleven months ending on December 31, 2023, total Company net sales increased by 8% year-over-year, with comparable Retail segment net sales up by 5%.
Urban Outfitters also announced the appointment of Shea Jensen as President of Urban Outfitters Brand, North America, as of February 5. In this position, Shea will oversee merchandising, marketing, digital, and retail operations for the company’s brand in North America.
What is the Target Price for URBN Stock?
Analysts remain cautiously optimistic about URBN stock with a Moderate Buy consensus rating based on three Buys and five Holds. Over the past year, URBN stock has surged by more than 40%, and the average URBN price target of $39.13 implies an upside potential of 9% at current levels.
