Shares of consumer products provider Urban Outfitters (NASDAQ:URBN) are rallying today after the company announced better-than-anticipated first-quarter numbers.
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Revenue rose 5.7% year-over-year to $1.11 billion. EPS at $0.56 comfortably outperformed estimates of about $0.35. Comparable retail segment net sales rose 5% on the back of gains in digital channel sales as well as contributions from retail store sales.
Additionally, higher initial merchandise markups helped the company boost its gross profit by 14.8%. The company is also seeing better inventory control alongside a stable supply chain.
Overall, the Street has a $30.25 consensus price target on URBN alongside a Hold consensus rating. Shares of the company have rallied nearly 36.4% over the past year while short interest in the stock remains elevated at nearly 14.2% at present.
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