Urban Outfitters Q3 comparable sales increase

Urban Outfitters, Inc. reported net income of 37.2 million dollars and earnings per diluted share of 40 cents for the three months ended October 31, 2022.

For the nine month period, the company’s net income was 128.2 million dollars and earnings per diluted share were 1.36 dollars.

Total company net sales for the third quarter increased 3.9 percent to 1.18 billion dollars, while total retail segment net sales increased 2 percent, with comparable retail segment net sales increasing 4 percent, partially offset by a 2 percent negative impact of foreign currency translation.

“We are pleased to announce record Q3 sales fueled by strong ‘comps’ at the Anthropologie and Free People brands,” said Richard A. Hayne, the company’s chief executive officer in a statement.

Urban Outfitters reports comparable retail sales growth

The increase in retail segment comparable net sales was driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales.

By brand, comparable retail segment net sales increased 13 percent at the Anthropologie Group and 8 percent at the Free People Group and decreased 9 percent at Urban Outfitters.

Wholesale segment net sales decreased 3 percent, driven by a 4 percent decrease in Free People Group wholesale sales, partially offset by a 6 percent increase in Urban Outfitters wholesale sales.

Nuuly segment net sales increased by 22.6 million dollars driven by a 185 percent increase in our subscribers during the quarter versus the prior year’s comparable quarter.

Urban Outfitters posts 6 percent increase in nine months sales

For the nine months, total company net sales increased 6 percent, while retail segment net sales increased 5 percent, with comparable retail segment net sales also increasing 5 percent.

By brand, comparable retail segment net sales increased 13 percent at the Anthropologie Group and 10 percent at the Free People Group and decreased 6 percent at Urban Outfitters.

Wholesale segment net sales increased 1 percent, driven by a 2 percent increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales.

Nuuly segment net sales increased by 56.5 million dollars driven by a 200 percent increase in our subscribers during the period versus the prior year’s comparable period.

“As we approach the all-important Black Friday/Cyber Monday weekend, we are encouraged by sales quarter-to-date,” added Hayne.