Urban Outfitters Inc. has announced a significant increase in its net sales for the three months ended July 31, reaching a record-breaking $1.27 billion. This growth can be attributed to the strong performances of the company’s Free People and Anthropologie brands.

The retail segment of Urban Outfitters saw a 5.9% increase in sales for the quarter, with comparable retail segment sales rising by 4.9%. This growth was driven by positive performance in both retail store and digital channel sales. Notably, Free People Group experienced an impressive 26.9% increase in comparable retail sales, while Anthropologie Group saw a 10.6% increase. However, Urban Outfitters faced a decline of 14.1% in comparable retail sales.

On the wholesale side, segment sales decreased by 5.2%. This decline was primarily due to a 6.5% decrease in Free People Group wholesale sales, which was caused by a drop in department store sales. However, Urban Outfitters managed to see a slight increase of $0.5 million in wholesale sales.

Moreover, Urban Outfitters’s subscription service, Nuuly, saw substantial growth with sales increasing by $27 million. This growth was mainly driven by an 85% surge in subscribers compared to the same quarter of the previous year.

The company reported a net income of $104.1 million for the quarter, with earnings per diluted share of $1.10. Richard Hayne, the CEO of Urban Outfitters, expressed his satisfaction with the record-breaking sales and the impressive 72% increase in earnings per share for the second quarter. He also mentioned that the positive sales momentum has carried over into the third quarter.

For the six-month period ending on July 31, Urban Outfitters achieved a record-breaking total company net sales of $2.39 billion, representing a 6.7% increase. The net income for this period was reported to be $156.9 million, with earnings per diluted share of $1.67.

It is worth noting that this update comes three months after Urban Outfitters’s first-quarter record-breaking sales of $1.1 billion. The company’s strong performance in both quarters showcases its ability to adapt and thrive in the highly competitive fashion and lifestyle industry.

Useful links:
1. Urban Outfitters website – Visit Urban Outfitters’ official website to explore their products and learn more about the brand.
2. Anthropologie website – Check out Anthropologie’s official website to discover their stylish and unique clothing, accessories, and home goods.