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Urban Outfitters Continues Downward Trend As Supply Issues Affect Q3 Sales

Shares of lifestyle products company Urban Outfitters, Inc. (URBN) are trailing 11 percent on Tuesday's trading continuing their downward trend since Monday when it declared its third-quarter results. The company said in a statement that supply chain back-ups had negatively impacted sales during the quarter.

Even though the company posted higher profit and sales, its in-store sales fell in the mid-single digits when compared to last year.

Urban Outfitters reported third-quarter profit of $88.9 million or $0.89 per share, up from $76.7 million or $0.78 per share last year, while sales for the quarter rose to $1.13 billion from $987.5 million last year.

Currently at $32.97. the stock has traded between $24.40 and $42.10 during the past 52 weeks.

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