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Urban Outfitters fiscal Q3 profit falls 28.8% YOY

Urban Outfitters Inc. said its normalized net income for the fiscal third quarter ended Oct. 31 was 35 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS decreased 21.7% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $48.2 million, a decrease of 28.8% from $67.6 million in the prior-year period.

The normalized profit margin dropped to 5.9% from 8.7% in the year-earlier period.

Total revenue increased 5.2% on an annual basis to $814.5 million from $774.0 million, and total operating expenses rose 10.4% on an annual basis to $738.0 million from $668.6 million.

Reported net income declined 32.3% from the prior-year period to $47.6 million, or 35 cents per share, from $70.3 million, or 47 cents per share.