Urban Outfitters posts 13.9% increase in Q4 sales
URBN, owners of Urban Outfitters, Anthropologie and Free People, has announced a 13.9% increase in net sales for the three months ending 31 January 2022, reaching £1 billion ($1.33 billion).
Retail net sales increased 14%, driven by strong double-digit growth in digital channel sales, which helped balance negative retail store sales due to reduced store traffic. Wholesale net sales decreased 22%, primarily from reducing the Free People Group’s sales to promotional wholesale customers.
By brand, comparable retail segment net sales increased 49% at the Free People Group, 14% at the Anthropologie Group and 3% at Urban Outfitters.
For the year ending 31 January 2022, URBN posted net income of £233 million ($311 million), with total company net sales increasing by 14.2% compared to the year ending 31 January 2020.
Commenting on the results, Richard A. Hayne, Chief Executive Officer of URBN said: "Record fourth quarter sales were driven by positive 'comps' at all brands. Strong customer response to our early spring offerings bode well for continued sales growth in the first quarter."
