Urban Outfitters, Inc. sees Q3 sales rise 3.9%
Urban Outfitters, Inc. has reported a 3.9% increase in net sales to £985 million ($1.17 billion) for the third quarter ending 31 October 2022.
Total retail segment net sales increased 2% to £892 million ($1.06 billion), driven by mid-single-digit positive digital channel sales and low single-digit positive retail store sales.
Wholesale segment net sales decreased 3% to £61 million ($72.5 million), driven by a 4% decrease in Free People wholesale sales, partially offset by a 6% increase in Urban Outfitters wholesale sales.
Urban Outfitters, Inc. shared the following brand net sales:
- Anthropologie up to £407 million ($484 million), compared to £363 million ($431 million).
- Urban Outfitters down to £309 million ($367 million), compared to £349 million ($415 million).
- Free People up to £235 million ($280 million), compared to £222 million ($264 million).
- Nuuly up to £29.6 million ($35.2 million), compared to £10.6 million ($12.6 million).
Gross profit decreased 8.6% to £300 million ($357 million), primarily due to higher markdowns as compared to record low markdown rates in the comparable prior year quarter.
Net income for the three months was £31.3 million ($37.2 million), whilst net income for the nine months was £108 million ($128.2 million).
Richard A. Hayne, CEO of Urban Outfitters, said: “We are pleased to announce record Q3 sales fuelled by strong ‘comps’ at the Anthropologie and Free People brands. As we approach the all-important Black Friday/Cyber Monday weekend, we are encouraged by sales quarter-to-date."