Urban Outfitters profit fell, but sales were higher. The parent company of Anthropologie and Free People blamed higher expenses for the profit drop and said sales at its namesake brand continued to slip. Sales were flat and its gross margins narrowed. All that bad news overshadowed better than expected revenue. Shares were volatile in after-hours trading. During regular trading the stock was up about 2.5 percent to $36.92.
Struggling teen retailer, Aeropostale announced some shifts management after-hours. The company is rehiring Julian Geiger as its CEO, replacing Thomas Johnson. The company also announced that second quarter sales plunged, but its forecasting a narrower than expected loss. Shares initially popped after hours. During the regular session shares were up two percent to $3.24.
Night owls will be happy to hear that Target is keeping stores open later. The retailer announced plans to extend shopping hours by one or two hours at more than half of its stores in the U.S. in hopes of drawing more customers to its locations after a challenging year. Shares rose 1.5 percent to $58.55.
DreamWorks Animation saw its shares pop after the company appointed a new chief financial officer, Fazal Merchant, a former executive at DirecTV. Separately, its “How to Train Your Dragon 2,” became the highest grossing animated film of the year. Shares jumped 9.5 percent to $22.55.
Shares of Fabrinet plummeted after the electronics manufacturing services company postponed its fourth quarter and full-year earnings results. It cited an internal investigation into its accounting practices as the reason for the delay. Shares tumbled 18 percent to $14.53.
Google & Jetpac
The folks at Google did a little shopping today buying Jetpac, a tech start-up that makes city guides and recommendations for travelers based on popular photos posted on Instagram and other social networking site. No terms were disclosed. Class “A” shares of Google were up 1.5 percent to $592.70.