Urban Outfitters, Inc. ( URBN ) stock is trading higher Thursday following the company reporting better-than-expected first-quarter fiscal results on Wednesday after.

What To Know: The company reported sales of $1.33 billion, beating the consensus estimate of $1.28 billion. In addition, Urban reported earnings per share of $1.16, beating the consensus estimate of 82 cents.

Urban said total retail segment net sales rose 6.4%, with comparable retail segment sales up 4.8% year-over-year.

Anthropologie led with a 6.9% increase in comparable sales, followed by 3.1% growth at Free People and 2.1% at Urban. Subscription segment sales surged 59.5%, driven by a 52.9% jump in average active subscribers.

Wholesale segment net sales increased 24.2% driven by a 25.6% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores.

“We are excited to announce record first quarter revenues and profits,” said Richard A. Hayne, CEO. “Our success was driven by positive sales growth and improved profitability across all brands and segments. We believe these results demonstrate the strength of our brands and the effectiveness of our strategy, giving us confidence in URBN’s continued success.”

Analyst Changes: Following the earnings report, multiple analysts issued price target adjustments.

Morgan Stanley analyst Alex Straton maintained an Overweight rating on Urban and raised the price target from $62 to $77.

Wells Fargo analyst Ike Boruchow maintained an Equal-Weight rating on Urban and raised the price target from $55 to $70.

JP Morgan analyst Matthew Boss upgraded Urban from a Neutral rating to an Overweight rating and raised the price target from $63 to $78.

Related Link: Strategy (MSTR) Stock Rises On $2.1B Preferred Stock Offering, Bitcoin All-Time High

URBN Price Action: At the time of writing, Urban stock is trading 21.9% higher at $72.62, according to data from Benzinga Pro.

Image: via Shutterstock