Consumer stocks declined pre-bell Thursday as the Consumer Staples Select Sector SPDR Fund (XLP) edged lower and the Consumer Discretionary Select Sector SPDR Fund (XLY) fell by 0.3% recently.

Urban Outfitters (URBN) shares rose past 19% after the company reported higher fiscal Q1 earnings and sales.

Walmart (WMT) plans to cut 1,500 jobs as part of efforts to reduce expenses, The Wall Street Journal reported, citing a person familiar with the situation. Walmart shares were 0.1% lower premarket.

BJ's Wholesale Club (BJ) shares were up nearly 2% after the company reported higher fiscal Q1 adjusted earnings and revenue.