Urban Outfitters’ profits and shares tumble

Fortune

Urban Outfitters reported record third-quarter sales, but the clothing company’s profits fell year-over-year as it’s namesake brand courted controversy. Here are some of the key points from Monday’s third-quarter earnings report.

What you need to know: Quarterly sales for Urban Outfitters — whose brands also include retailers Anthropologie, Free People and Terrain — increased by 5% year-over-year, to $814 million, but sales at the company’s namesake brand fell by $1.5 million. What’s more, same-store sales across the company dipped 1% after analysts predicted they would be flat for the quarter.

Urban Outfitters [fortune-stock symbol=”URBN”] also reported a quarterly profit of $47 million, or 35 cents per share, which is down nearly a third year-over-year. Shares of the company fell almost 5% in after-hours trading following the release of the earnings report. The company’s stock has tumbled nearly 17% since the start of the year after profits through the first…

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