Urban Outfitter's stock sinks to 8-year low after downbeat sales outlook

Shares of Urban Outfitters Inc. sank 9.6% toward an 8-year closing low in afternoon trade Thursday, after the specialty apparel and accessories retailer provided a same-store sales outlook that was much worse than expected. In a filing with the Securities and Exchange Commission, the company said that so far during the second quarter, which started in May, comparable retail segment net sales were down from a year ago in the "high single-digit" percentage range. The FactSet same-store sales consensus for the current quarter was down 2.3% at the end of May. Wolfe Research analyst Adrienne Yih followed by cutting the year-end 2017 stock fair value estimate to $17 from $19, while reiterating the peer perform rating. The stock changed hands recently at $16.49, which would be the lowest closing price seen since April 14, 2009. Trading volume spiked to 10.8 million shares, or more than triple the full-day average of 3.2 million shares. The stock has now plunged 42% year to date, while the SPDR S&P Retail ETF has lost 8.1% and the S&P 500 has gained 8.7%.

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