Urban Outfitters shares slide as teen sector hangs tough
The shares slid 10pc in New York after the operator of Urban Outfitters, Anthropologie and Free People stores said sales were below most analysts' expectations.
The company's namesake division has seen weakness this month and in August, Adrienne Tennant, a Janney Montgomery analyst, said today.
Urban Outfitters offered an additional 30pc off all clearance items during Labour Day weekend, which didn't occur last year, said Ms Tennant, who has a buy rating on the shares.
"We continue to believe the teen sector remains challenged due to fierce competition to capture market share and highly promotional environment," she wrote. (Bloomberg)