UPDATE 3-Strong margins, lean inventory drive Urban Outfitters

* Q3 EPS $0.36; Street view $0.35

* Anthropologie Q3 sales up 14 pct

* Expects to open 32-34 new stores in FY

* Inventory down 8 pct

* Shares up more than 2 pct (Recasts; adds analyst comment, byline, changes dateline)

By Shradhha Sharma and Alexandria Sage

BANGALORE/SAN FRANCISCO, Nov 12 (Reuters) - Urban Outfitters Inc's (URBN.O) quarterly profit rose marginally and beat market expectations, driven by strong margins and inventory controls, as well as increased demand at its Anthropologie chain.

Third-quarter sales at Anthropologie, which caters to 30 to 45-year old women, rose 14 percent to $181.6 million.

Shares of the Philadelphia-based company, which have nearly doubled in the last one year, were up more than 2 percent at $33 in Thursday afternoon trade on Nasdaq.