Urban Outfitters posts record sales, profit

a model in outfit from Urban Outfitters
Urban Outfitters has reported record sales and profit for the first quarter. (Source: Urban Outfitters/Facebook)

Urban Outfitters has reported record sales and profit for the first quarter, with growth achieved across all brands and segments.

For the quarter ended April 30, the company’s net sales soared 10.7 per cent to $1.33 billion.

The retail segment saw sales increase 6.4 per cent on a reported basis and 4.8 per cent on a comparable basis. The Anthropologie, Free People and Urban Outfitters brands achieved comparable sales uplift of 6.9 per cent, 3.1 per cent and 2.1 per cent, respectively.

Subscription segment net sales grew  59.5 per cent, primarily driven by a 52.9 per cent increase in average active subscribers. Wholesale segment net sales increased 24.2 per cent, thanks to Free People’s increased sales to specialty customers and department stores.

On the bottom line, net income soared 75 per cent to $108.3 million.

“We believe these results demonstrate the strength of our brands and the effectiveness of our strategy, giving us confidence in Urban Outfitters’s continued success,” commented CEO Richard Hayne.

Urban Outfitters offers general merchandise and consumer products and services at more than 750 stores in the US, Canada and Europe.

In February, the company partnered with HanesBrands to launch an exclusive everyday items collection.

Recommended By IR

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.