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Urban Outfitters shares were down about 6% in early Wednesday trading. Tolga Akmen / AFP via Getty Images
Shares of
Urban Outfitters are sinking early Wednesday after a disappointing holiday sales update, where the apparel retailer highlighted challenges that soaring Covid-19 case counts presented during the key selling season.
Urban Outfitters (ticker: URBN) said late Tuesday that sales for November and December fell 8.4% year over year, and same-store sales fell 9%, as the pandemic kept shoppers away from stores. Analysts were hoping for roughly flat same-store sales for the quarter as a whole. Customers who did shop in store had stronger conversation rates meaning they tended to buy more but that wasn’t enough to offset reduced traffic, nor was a double-digit increase in digital sales.