Pursuits
Urban Outfitters Tumbles as Sales Slump Threatens Profit
This article is for subscribers only.
Urban Outfitters Inc. shares plunged the most in more than 2 1/2 years after the company said a sales slump has persisted in the third quarter, threatening to squeeze the retail chain’s profit.
Lower-than-expected sales may put more pressure on gross margin than in the first half of the year, the Philadelphia-based company said in a statement. If that happens, the third-quarter earnings will be affected, Urban Outfitters said.