Urban Outfitters owner sees sales hit £900m in Q1
Total retail segment net sales also increased 4%, with comparable retail segment net sales increasing 5% due to a partial offset of 1%
URBN, parent company of Urban Outfitters, Anthropologie and Free People, has seen net sales rise 5.9% to a record $1.11bn (£900m) for the three months ended 30 April.
Over the period, the group also reported a net income of $53m (£42.8m) and record earnings share of $0.56 (£0.45).
Total retail segment net sales also increased 4%, with comparable retail segment net sales increasing 5% due to a partial offset of 1%. This was due to the negative impact of foreign currency translation.
By brand, comparable retail segment net sales increased 17% at the Free People Group and 13% at the Anthropologie Group, while Urban Outfitters experienced a 13% decrease.
Wholesale segment net sales decreased 11%, driven by a 14% decrease in Free People Group wholesale sales due to waning sales to department stores and specialty customers, while Urban Outfitters wholesale sales increased by $1m (£800m).
Richard Hayne, chief executive officer of URBN, said: “We are pleased to report record first quarter sales and earnings per share driven by a 5% increase in comparable retail segment sales, strong growth in Nuuly Rent and a significant improvement in gross margins.
“We are equally pleased that Q1’s sales strength has continued quarter-to-date.”
