Urban Outfitters posts record quarterly sales; inflation, business costs drag down profits
Urban Outfitters
The Philadelphia-based company said net sales increased 13.4% to a record $1.05 billion for the quarter ending April 30. Total
By brand, comparable retail segment sales increased 18% at the AnthropologieFree People
“We are pleased to announce record Q1 sales driven by an 11% retail segment ‘comp’,” said Richard Hayne, chief executive officer.
“Unfortunately, the impact of inflation on our costs of doing business more than offset the benefit of record revenues.”
Net income for the three months fell to $32 million and earnings per diluted share dipped to $0.33, compared to $53 million and earnings per diluted share of $0.54 in the prior-year quarter.
During the three months, the company opened a total of five new retail locations including: two Free People Group stores (including one FP Movement store); two Urban Outfitters stores and one Menus & Venues restaurant. The group closed three retail locations including: one Free People Group store, one Urban Outfitters store and one Anthropologie Group store.
It also opened two Urban Outfitters franchisee-owned stores and one Anthropologie Group franchisee-owned store.
