• Home
  • News
  • Business
  • Urban Outfitters posts sales and earnings growth

Urban Outfitters posts sales and earnings growth

By Prachi Singh

23 Nov 2021

Urban Outfitters, Inc. reported net income of 89 million dollars and earnings per diluted share of 89 cents for the three months ended October 31, 2021. For the nine months ended October 31, 2021, net income was 270 million dollars and earnings per diluted share were 2.71 dollars.

Total company net sales for the quarter were 1.13 billion dollars, up 14.6 percent compared to the three months ended October 31, 2019. Comparable retail segment net sales increased 14 percent, driven by strong double-digit growth in digital channel sales, partially offset by mid-single-digit negative retail store sales primarily due to reduced store traffic.

“I’m pleased to announce our teams produced record Q3 sales and earnings,” said Richard A. Hayne, the company’s chief executive officer, adding, “We are excited that November ‘comp’ sales to date for all brands have accelerated from their Q3 rate.”

Urban Outfitters net sales increase 14.3 percent for the nine month period

By brand, comparable retail segment net sales increased 55 percent at the Free People Group, 9 percent at the Anthropologie Group and 7 percent at Urban Outfitters. Total retail segment net sales increased 16 percent, while wholesale segment net sales decreased 15 percent primarily from reducing the Free People Group’s sales to promotional wholesale customers.

For the nine months, total company net sales increased 14.3 percent compared to the nine months ended October 31, 2019 and comparable retail segment net sales increased 16 percent. Wholesale segment net sales decreased 23 percent.

For the three months, the gross profit rate increased by 202 basis points compared to the three months ended October 31, 2019. For the nine months, gross profit rate increased by 284 basis points compared to the same period ended October 31, 2019.