Nuuly’s fashion rentals see URBN achieve 'record' sales

Urban Outfitters (URBN), which operates a portfolio including the Anthropologie, Free People, FP Movement, Urban Outfitters and Nuuly, has achieved a 'record' net income of £227 million ($287.7 million) for the year ending 31 January 2024.

For the three months ending 31 January 2024, net income stood at £37.7 million ($47.8 million) and earnings per diluted share of £0.39 ($0.50). Total company net sales for the period increased 7.3% to a 'record' £1.18 billion ($1.49 billion).

For the year ending 31 January 2024, net income stood at £227.08 million ($287.7 million) and earnings per diluted share were £2.41 ($3.05). Total company net sales increased 7.5% to a record £4.06 billion ($5.15 billion).

In terms of brands, sales increased by 21.4% at Free People and 12.3% at Anthropologie. However, sales decreased by 13.8% at Urban Outfitters. The company's saving grace, Nuuly, saw skyrocketing sales up by £91.01 million ($115.3 million). This was driven by an 82% increase in average active subscribers in the current year versus the year prior.

Wholesale segment net sales decreased 4.6% driven by a 4.8% decrease in Free People wholesale sales primarily due to decreases in sales to department stores and closeout account partners.

During the year, UBRN opened a total of 26 new retail locations and closed 20.

Richard A. Hayne, Chief Executive Officer, said: "We are pleased to report record fourth-quarter sales driven by strength at the Anthropologie, Free People, FP Movement and Nuuly brands.

"Positive customer response to our early spring offerings bodes well for continued sales growth in the first quarter."