Why Urban Outfitters, Inc. Stock Dropped Today
Shares of Urban Outfitters Inc. (NASDAQ: URBN) were down 5.1% as of 1:20 p.m. EDT Thursday despite no company-specific news. Rather, the move appears to be in response to disappointing quarterly reports from several of the clothing retailer's peers.
Urban Outfitters won't report second-quarter earnings until next Tuesday, Aug. 15. But if discouraging results from Macy's, Kohl's, and Dillard's are any indication -- shares of the three department store chains are down nearly 10%, 6%, and more than 17% so far today, respectively, in response to their own reports -- it's hard to blame Urban Outfitters shareholders for fearing it may follow suit in today's difficult retail climate.
IMAGE SOURCE: URBAN OUTFITTERS.
Source: Fool.com
