Urban Outfitters Inc. sees small Christmas sales rise
Urban Outfitters, Inc. has reported a 2.3% increase in net sales for the two months ending 31 December 2022.
Total retail segment net sales increased 1%, with comparable retail segment net sales up 2%, partially offset by a 1% negative impact of foreign currency translation.
For the two months, Urban Outfitters, Inc. shared the following brand results:
- Urban Outfitters net sales down 10%.
- Free People net sales up 15%.
- Anthropologie net sales up 7%.
The increase in retail segment net sales was driven by low single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. Wholesale segment net sales decreased 22%, largely attributed to a decrease in Free People wholesale sales primarily due to a decrease in sales to department stores.
For the eleven months ending 31 December 2022, total net sales increased 5.1% compared to the prior year period.
Comparable retail segment net sales increased 4%, driven by high single-digit positive growth in retail store sales due to increased store traffic and low single-digit positive growth in digital channel sales. Wholesale segment net sales dropped 3%.
During the eleven months, the company opened 33 new retail locations, including 19 Free People stores, seven Urban Outfitters stores and six Anthropologie stores. It closed seven retail locations, including three Urban Outfitters stores, three Anthropologie stores and one Free People store.