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Urban Outfitters Q1 Down, Execs Optimistic

PHILADELPHIA-The apparel retailer turns in a rough first quarter, but management sees the sales environment improving.

By Ian Ritter | Updated on May 15, 2009

PHILADELPHIA-Urban Outfitters may have had sales and earnings slides during the retailer’s first quarter, but executives are upbeat about potential performance during the rest of the fiscal year.

“I’m feeling more optimistic,” said Glenn Senk, Urban’s chief executive officer, said during the company’s earnings call. “The environment is considerably more stable than it was in the second quarter.”

Same-store sales were down across its chains by 7% year over year, while total sales fell 2%, to $385 million. Earnings per share slid as well, dropping 28% to 18 cents.

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