Urban Outfitters Inc. (NYSE: URBN) reported its fiscal third-quarter financial results after the markets closed on Tuesday. Investors weren’t too happy with these results and sent shares much lower. Analysts seemed to agree, and many are still on the sidelines for the stock.

24/7 Wall St. has included some highlights from the earnings report, as well as what analysts are saying after the fact.

The retailer posted $0.56 in earnings per share (EPS) and $987.5 million in revenue, which compared with consensus estimates of $0.57 in EPS and $1.0 billion in revenue. The same period of last year reportedly had $0.70 in EPS and $973.5 million in revenue.

In terms of its segments, the company reported as follows:

• Anthropologie Group net sales increased 3.6% year over year to $398.7 million.
• Urban Outfitters net sales decreased by 1.2% to $374.5 million.
• Free People net sales increased by 1.6% to $205.5 million.
• Food and Beverage net sales decreased 4.9% to $6.79 million.
• Nuuly net sales came in at $2.03 million.

Comparable Retail segment net sales increased 3%, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, those net sales increased 9% at Free People and 4% at the Anthropologie Group, and they were flat at Urban Outfitters. Wholesale segment net sales decreased by 7%.

CEO Richard A. Hayne commented:

I’m pleased to report record third quarter sales, driven by better reaction to our apparel assortments and strength in the digital channel. Looking ahead to Q4, we’re encouraged by positive sales-to-date but realize our highest volume days have yet to be written.

Here’s what a few analysts had to say afterward:

• Citigroup reiterated a Neutral rating and raised its price target to $25 from $23.
• Baird reiterated a Neutral rating and raised its target price from $25 to $26.
• Loop Capital reiterated a Buy rating but lowered its price target to $28 from $35.
• JPMorgan reiterated its Neutral rating and lowered the price target to $25 from $28.
• Barclays reiterated it at Equal Weight and lowered its price target to $25 from $30.
• MKM Partners reiterated a Neutral rating and cut its target price from $25 to $24.
• Deutsche Bank reiterated a Hold rating and lowered its target to $26 from $28.
• Wedbush reiterated it as Neutral and cut its price target to $28 from $33.

Shares of Urban Outfitters traded down over 13% at $24.89 on Wednesday, in a 52-week range of $19.63 to $39.54. The consensus price target is $28.88.

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