Urban Outfitters owner hits ‘record’ $1.28bn in Q3 sales
The retail group’s performance was bolstered by sales increases of 22.5% at Free People and 13.2% at Anthropologie
Urbn, the parent company of Urban Outfitters, Free People and Anthropologie, revealed it experienced “record” sales of $1.28bn (£1.02bn) during the third quarter of the year, ending 31 October.
This comes despite sales at Urban Outfitters dropping 14.2% during the period.
The group also experienced a 3.6% drop in wholesale sales which was driven by a 3.5% decrease in Free People wholesale activities. The group attributed this to a decline in department store sales.
However, the retail group was still bolstered by sales increases of 22.5% at Free People and 13.2% at Anthropologie.
In addition, sales at Nuuly, URBN’s rent and resale marketplace, increased by $30.2m (£24.1m) during the period due to a 68% jump in subscribers compared with the same period last year.
As a result, group revenues rose by 9% compared with the same period in the previous, while net profits for the quarter increased to $83m (£66.2m).
For the nine months to 31 October, the group revealed that total net sales also increased 7.5% to a record $3.67bn (£2.93bn).
Richard A. Hayne, CEO of Urbn, said: “We are proud to report record third quarter sales that helped drive a 120% increase in EPS.
“As we enter the holiday season, the consumer continues to react positively to our assortments and marketing campaigns at four out of five of our brands which leaves us confident we can continue to drive revenue and earnings growth in the fourth quarter.”
