Apparel retailer Urban Outfitters Inc on Tuesday projected a 60% decline in same-store sales in the second quarter due to tepid demand recovery from the COVID-19 pandemic disruptions, sending its shares down 6% in extended trading.
FILE PHOTO: An Urban Outfitters store front is seen in Evanston, Illinois, U.S. May 13, 2016. REUTERS/Jim Young
The Free People brand owner has reopened about 40% of its more than 600 stores worldwide, but said initial customer traffic has been sluggish. It expects to open 100 more stores by the first week of June. Urban Outfitters also reported worse-than-expected preliminary results for first-quarter ended April 30, as its stores remained closed for about half of the quarter due to the coronavirus-led restrictions.
Gross margin decreased to 2% from 31.1% a year earlier, mainly due to higher delivery charges and increased discounts, even as it cut costs through furloughs and decreased investments in its China expansion plans.
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