Urban Outfitters reports strong growth in Q2 earnings

Urban Outfitters, Inc. reported net income of 104.1 million dollars and earnings per diluted share of 1.10 dollars for the second quarter.

For the six months, net income was 156.9 million dollars and earnings per diluted share were 1.67 dollars.

“We are proud to report record second quarter sales that helped drive a 72 percent increase in EPS,” said Richard A. Hayne, the company’s chief executive officer, adding, “Also gratifying is that Q2’s sales strength has continued to date in Q3.”

Urban Outfitters Q2 net sales increase by 7.5 percent

Total company net sales for the quarter increased 7.5 percent to 1.27 billion dollars. Total retail segment net sales increased 5.9 percent, with comparable retail segment net sales increasing 4.9 percent driven by mid-single-digit positive growth in both retail store sales and digital channel sales.

By brand, comparable retail segment net sales increased 26.9 percent at the Free People Group and 10.6 percent at the Anthropologie Group and decreased 14.1 percent at Urban Outfitters.

Wholesale segment net sales decreased 5.2 percent driven by a 6.5 percent decrease in Free People Group wholesale sales due to a decrease in sales to department stores, while Urban Outfitters wholesale sales increased by 0.5 million dollars.

Nuuly segment net sales increased by 27 million dollars driven by an 85 percent increase in our subscribers versus the end of the prior year’s comparable quarter.

Urban Outfitters posts 6.7 percent rise in H1 sales

For the six months, total company net sales increased 6.7 percent to 2.39 billion dollars. Total retail segment net sales increased 5.1 percent, with comparable retail segment net sales increasing 4.7 percent.

By brand, comparable retail segment net sales increased 22.5 percent at the Free People Group and 11.9 percent at the Anthropologie Group and decreased 13.7 percent at Urban Outfitters.

Wholesale segment net sales decreased 8.5 percent driven by a 10.7 percent decrease in Free People Group wholesale sales due to a decrease in sales to department stores and specialty customers, while Urban Outfitters wholesale sales increased by 1.8 million dollars.

Nuuly segment net sales increased by 55.6 million dollars due to an 85 percent increase in our subscribers versus the end of the prior year’s comparable period.

During the six month period, the company opened 16 new retail locations including: nine Free People Group stores (including five FP Movement stores), four Urban Outfitters stores, two Anthropologie Group stores and one Menus & Venues restaurant; and closed eight retail locations including three Urban Outfitters stores, three Anthropologie Group stores, one Free People Group store and one Menus & Venues restaurant. One Urban Outfitters franchisee-owned store was also opened during the period under review.