Urban Outfitters Inc sees “record second quarter sales”
Urban Outfitters Inc, the owners of Urban Outfitters, Anthropologie and Free People, has reported record Q2 sales with a net income of £82 million ($104.1 million).
For the three months ending 31 July 2023, the company saw a sales increase of 7.5% to a record £1 billion ($1.27 billion). Total Retail segment net sales increased by 5.9% and earnings per diluted share stood at £0.87 ($1.10).
The increase in Retail segment comparable net sales was driven by mid-single-digit positive growth in both retail store sales and digital channel sales.
By brand, net sales in Q2 were as follows:
- Free People up by 26.9% to £261,171 million ($331,201 million)
- Anthropologie up by 10.6% to £418,005 million ($530,087 million)
- Urban Outfitters down by 14.1% to £273,176 million ($346,424 million)
- Nuuly up by 85% to £43,996 million ($55,793 million)
For the six months ending 31 July 2023, net income was £123.7 million ($156.9 million) and earnings per diluted share were £1.32 ($1.67). Total net sales increased 6.7% to a record £1.89 billion ($2.39 billion) and total retail segment net sales increased 5.1%.
By brand, net sales for H1 were as follows:
- Free People up by 22.5% to £477,028 million ($604,936)
- Anthropologie up by 11.9% to £788,890 ($1 million)
- Urban Outfitters down by 13.7% to £516,827 million ($655,132 million)
- Nuuly up by 85% to £84,618 million ($107,263 million)
During H1, the company opened 16 new retail locations including nine Free People stores, four Urban Outfitters stores, two Anthropologie stores and one Menus & Venues restaurant. However, it closed eight retail locations including three Urban Outfitters stores, three Anthropologie Group stores, one Free People Group store and one Menus & Venues restaurant.
Richard A. Hayne, Chief Executive Officer at Urban Inc, commented: "We are proud to report record second quarter sales that helped drive a 72% increase in EPS... Also gratifying is that Q2’s sales strength has continued to date in Q3."
