Shares of Urban Outfitters Inc (URBN.O) have fallen down nearly 15 percent after the company stated that low sales will potentially hurt its third quarter earnings.
Large shareholders such as Goldman Sachs, Morgan Stanley and Janney Capital Market lowered their ratings as well as their price targets on shares of the apparel company, thereafter 12 more brokerages slashed their price targets.
Urban Outfitters has been putting effort in turning this around by revamping its stores and focusing more on its target audience of 18 to 28 year olds through an assortment of refined products.
However, even with the efforts, the turnaround has taken longer than it should as some analysts say.
The company has, since the second quarter, a record of flat sales growth, which seemingly has declined in the third quarter.
Shareholders even expected for the shares to turn around by the third quarter, but apparently seen no improvement at all.
In premarket trading on Friday, the company’s shares were down 13.8 percent at $29.80.