Urban Outfitters Inc. shares dropped in late trading Tuesday after the company reported fourth-quarter earnings that took a hit from the new tax law. The retailer reported net income of $1.3 million, or a penny a share, down from 55 cents a share a year ago because of a $64.7 million tax hit for repatriation and a writedown of deferred tax assets. After adjusting for the tax charges and other one-time costs, the company claimed earnings of 69 cents a share. Urban Outfitters reported fourth-quarter net sales of $1.09 billion, up from $1.03 billion a year ago. Analysts on average expected standard earnings of 63 cents a share and adjusted earnings of 65 cents a share on sales of $1.09 billion, according to FactSet. Urban Outfitters stock, which closed with a 2.1% gain at $36.98, fell more than 10% in after-hours trading immediately following the announcement. Shares have gained 44% in the past year as the S&P 500 index has increased 14.6%.