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Urban Outfitters Displays Nice Execution

By Jordan Kahn

 About this article:
 For Kahn's preview heading into the Urban Outfitters conference call, please click here. Urban Outfitters reported strong results this morning. EPS came in a penny ahead of estimates at 36 cents. The tax rate (36.1%) was up from the year-ago period. Were it not for that, there might have been another penny that flowed down to the bottom line but not really a big deal. The company said that going forward its tax rate was likely to be in the range of 37%. As I suspected, margins expanded nicely as management did a good job exercising strong cost controls and initial markup margins offset markdowns from clearance items. Gross margins grew to 41.5%, while operating margins rose very nicely to 19%. Management reiterated its long-term goal of 20% operating margins, so it's nice to see that the company is really close to that already in a spending...

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