Higher sales boost Urban Outfitters 2Q results

Profit for the three months ended July 31 rose to $57 million, or 33 cents per share, from $31.9 million, or 19 cents per share, last year.

As reported earlier this month, revenue rose 30 percent to $454.3 million from $348.4 million a year ago.

Analysts polled by Thomson Financial predicted a profit of 30 cents per share on revenue of $450.5 million.

Sales in stores open at least one year, a key retail metric known as same-store sales, rose 13 percent as previously reported, up 7 percent at Anthropologie, up 10 percent at Free People and up 19 percent at Urban Outfitters stores.

Results were also helped by lower expenses, markdowns and store occupancy costs, the Philadelphia-based company said.

Inventory grew 14 percent year-over-year, driven by the acquisition of inventory to stock new retail stores.