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Philadelphia -- Urban Outfitters reported Monday that profit for the quarter ended July 31 dropped 21% to $56.7 million, from $71.7 million a year earlier. The company blamed increased expenses related to investments in e-commerce, retail catalogs and technology for the performance slip.
The operator of Urban Outfitters, Anthropologie, Free People and Terrain clothing stores saw revenue rise 10% to $609.2 million, beating analysts’ expected $604.1 million.
Same-store sales slipped 2%.