Holiday cheer

Urban Outfitters jumped on Tuesday after the fashion and home retailer reported record holiday sales in a fourth-quarter earnings preview. Philadelphia-based Urban Outfitters said net sales for the two-month period ending Dec. 31 increased 2.3% over the same two months of 2021. Comparable retail segment net sales increased 15% at its Free People stores and 7% at its Anthropologie locations, offsetting a 10% decrease at its namesake Urban Outfitter stores. Urban Outfitters reported that net sales for the 11 months ending Dec. 31 increased 5.1% over the same period in 2021. The results, driven by sales growth in both digital and retail stores, comes as retailers Macy’s and Lululemon recently slashed forecasts as consumers continue to be pressured by decades-high inflation.