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Urban Outfitters records 14.6% increase in holiday sales despite reduced store traffic

Jeremy Lim
12 January 2022

Urban Outfitters has announced its net sales for the two month and eleven month periods ending 31 December 2021, revealing record holiday sales despite COVID-19 causing reduced store traffic.

In the two months ended 31 December 2021, the company saw total company net sales up 14.6% compared to the same period ended in 2019. Urban Outfitters added that comparable retail net sales increased 14%, driven by strong double-digit growth in digital channel sales and partially offset by high single-digit negative retail store sales due to reduced store traffic.

The company now believes that the total company fourth quarter gross margin could deleverage due to higher than anticipated inbound transportation costs.

By brand, comparable retail net sales increased 47% at the Free People Group, 15% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail net sales increased 15%, whilst wholesale net sales decreased 18% primarily from reducing the Free People Group’s sales to promotional wholesale customers.

For the eleven months ending 31 December 2021, total company net sales increased 14.4% compared to the eleven months ended in fiscal year 2019. Comparable retail net sales increased 16%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit 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.

During the same eleven months period, the company opened a total of 56 new retail locations including 29 Free People Group stores, 17 Urban Outfitters stores, 9 Anthropologie Group stores and 1 Menus & Venues restaurant. However, the company closed 10 retail locations including 4 Anthropologie Group stores, 2 Free People Group stores, 2 Urban Outfitters stores and 2 Menus & Venues restaurants.

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