Urban Outfitters owner posts record revenues
The parent company of Urban Outfitters, Anthropologie and Free People has announced that its sales rose by 9% to a record $1.28 billion in the three months to 31 October.
Comparable retail segment net sales increased by 22.5% at Free People and by 13.2% at Anthropologie. However, sales at Urban Outfitters fell by 14.2%.
Meanwhile, net income for the quarter was $83 million and earnings per diluted share were $0.88.
During the nine months to 31 October, the company opened 21 new retail locations including ten for Free People, five for Urban Outfitters, five for Anthropologie, and one Menus & Venues restaurant.
Richard Hayne, chief executive 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.”