Home Trending Stocks Why Urban Outfitters, Inc (URBN) stock popup in the premarket on Wednesday?

Why Urban Outfitters, Inc (URBN) stock popup in the premarket on Wednesday?

Urban Outfitters Inc. (URBN) shares surged 9.61% in the premarket trading to $38.32 per share. Earlier, URBN’s stock gained 0.69% in the morning session and closed at $34.96 per share. URBN shares have risen 95.09% over the last 12 months, and they have moved down by 7.61% in the past week. Over the past three months, the stock has gained 0.89%, while over the past six months, it has added 15.32%.

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Recent financial results announcement

On May 25, 2021, Urban Outfitters reported its financial results for the first fiscal quarter of 2022, which ended on April 30, 2021.

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Q1 2022 financial highlights

  • Urban Outfitters reported a net income (loss) of $54 million or $0.54 earnings per diluted share for the three months ended April 30, 2021, compared to $138.4 million net income(loss) or $1.41 earnings per diluted share for the three months ended April 30, 2020.
  • Total Company net sales for the three months ended April 30, 2021, were a record $927 million compared to $588.5 million for the three months ended April 30, 2020.
  • For the three months ended April 30, 2021, the gross profit rate was 32.4% compared to 2% for the three months ended April 30, 2020.
  • Gross profit was $300.7 million for the three months ended April 30, 2021, compared to $11.8 million in the prior year’s comparable period.
  • For the three months ended April 30, 2021, selling, general and administrative expenses were $225.15 million, compared to $210.56 million for the three months ended April 30, 2020. 

Partnership with FABSCRAP

OnApril 19, 2021, Urban Outfitters, Inc partnered with FABSCRAP to support the organization in reducing the fashion industry’s impact on the planet. URBN will help FABSCRAP’s expansion into the Mid-Atlantic region by providing a new physical FABSCRAP location in Philadelphia, and a working capital grant.

FABSCRAP is a nonprofit organization that has pioneered a system to reuse and recycle fabric waste.

Q4 2021 financial results 

  • The company reported a net income of $29 million and earnings per diluted share of $0.29 for the three months ended January 31, 2021, compared to net income of $19.5 million and earnings per diluted share of $0.20 for the three months ended January 31, 2020.
  • Total Company net sales for the three months ended January 31, 2021, were$1.09 billion compared to $1.17 billion for the three months ended January 31, 2020.
  • Gross profit for Q4 was $289 million compared to $333.8 million in Q4 2020. 

FY 2021 financial results

Conclusion

The URBN stock went up in the pre-market today after the financial results announcement in which the company reported record sales for the quarter. URBN can continue its positive streak in the coming days as well.

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