Urban Outfitters sees record Q2 sales and profits

Urban Outfitters, Inc., has reported total company net sales of a record $1.16 billion for the three months ended 31 July 2021, which also incorporates the Anthropologie and Free People brands.

Net income for the three months was $127 million, with quarterly earnings of $1.28 per share, and net sales increased 20.3% compared to the three months ended 31 July 2019.

The results have been driven by strong double-digit growth in digital channel sales, partially offset by low single-digit negative retail store sales due to reduced store traffic.

By brand, comparable retail segment net sales increased 53% at Free People, 20% at Urban Outfitters and 14% at Anthropologie.

For the six months ended July 31, 2021, total company net sales increased 14.1% compared to the six months ended 31 July 2019.

Richard A. Hayne, CEO and Chairman of Urban Outfitters, Inc., said: “We’re pleased to report record second quarter sales and earnings driven by extraordinary performance at all three brands. Congratulations to all brand, creative and shared teams for the exceptional execution that led to a 110% increase in earnings per share over fiscal 2020.”