Urban Outfitters, Inc. (URBN) has reported 59.62 percent plunge in profit for the quarter ended Apr. 30, 2017. The company has earned $11.94 million, or $0.10 a share in the quarter, compared with $29.56 million, or $0.25 a share for the same period last year.

Revenue during the quarter went down marginally by 0.18 percent to $761.19 million from $762.58 million in the previous year period. Gross margin for the quarter contracted 284 basis points over the previous year period to 31.50 percent. Total expenses were 97.24 percent of quarterly revenues, up from 93.38 percent for the same period last year. That has resulted in a contraction of 386 basis points in operating margin to 2.76 percent.

Operating income for the quarter was $21.04 million, compared with $50.48 million in the previous year period.

"During the first quarter we continued to see strong double-digit growth from our direct-to-consumer channel and our wholesale business," said Richard A. Hayne, chief executive officer. "We believe we have significant opportunity to continue to grow both of these channels at all of our brands,"

Cash conversion cycle (CCC) has decreased to 17 days for the quarter from 46 days for the last year period. Days sales outstanding were almost stable at 9 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 31 days for the quarter compared with 62 days for the previous year period. At the same time, days payable outstanding was almost stable at 23 days for the quarter, when compared with the previous year period.