: Urban Outfitters stock drops as sales decline, group CEO departure announced

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Urban Outfitters Inc. URBN shares dropped in the extended session Tuesday after the company said the group head of its Urban Outfitters brand was leaving at the end of the month. Urban Outfitters shares fell 11% after hours, following a 5.8% gain in the regular session to close at $30.31. The company said comparable-retail sales fell 9% for the two months ended Dec. 31 as a double-digit rise in digital sales did not overcome a drop in-person sales because of COVID-19. Analysts surveyed by FactSet are forecasting a same-store sales decline of 0.2% for the January-ending quarter. Urban Outfitters also said that the CEO of its Urban Outfitters group Trish Donnelly was leaving Jan. 31 for another job. The company said Sheila Harrington, who is the current Free People Group CEO, will take on the added role of CEO for Urban Outfitters Group.
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