US retailer Urban Outfitters reports USD59.5m profit in Q3 

(MENAFN) Philadelphia-based retailer Urban Outfitters reported a 17 percent increase in quarterly profits on higher sales, MarketWatch reported.

The company, which owns and operates over 400 locations, said it made USD59.5 million net profit during the fiscal third quarter ended October 31, up from USD50.7 million a year ago. Revenue increased 14 percent to USD692.9 million.

The company's quarterly results enjoyed stronger margins as it benefited from fewer markdowns.

Urban Outfitters said that its comparable retail segment sales, which include its catalog and online businesses, grew 8 percent in the period, including growth of 7 percent at its namesake brand, 6 percent at Anthropologie and 24 percent at Free People.

However, sales in stores opened at least a year dropped 1 percent in the quarter, the company added.