Urban Outfitters sees 13.9% rise in fourth quarter sales
The Urban Outfitters group has posted a record $1.33 billion of sales in its fourth quarter to mark an increase of 13.9% on pre-pandemic levels two years ago.
The owner of the Urban Outfitters, Anthropologie and Free People brands said comparable retail sales climbed by 14% in the three month period ending 31 January after trade was driven by strong double-digit growth in online sales, which was partially offset by low double-digit negative retail store sales due to reduced footfall.
Reporting on the performance of its individual brands, the group said sales at Free People, Anthropologie and Urban Outfitters rose by 49%, 14% and 3% respectively.
Meanwhile total retail segment net sales climbed by 15%. although there was a 22% decline in wholesale sales.
The figures mean that the group’s net sales the year to 31 January rose by 14.2% compared to the year ended 31 January 2020.
Urban Outfitters has also announced that Francis Pierrel has joined the the group as president of Urban Outfitters with responsibility for the brand in North America. He will report directly to Sheila Harrington, global chief executive of Urban Outfitters and the Free People Group.
Pierrel previously served as chief executive of Club Monaco where he was credited with driving increases in revenues and profitability. Prior that, he worked as president of stores and ecommerce for Ralph Lauren in North America.
Richard Hayne, chief executive of the Urban Outfitters group, said: “I am pleased to welcome Francis to our company and the Urban Outfitters brand,” said. “He is a seasoned omni-channel retail executive with deep experience in managing iconic brands across all channels – ecommerce, stores, and wholesale. We believe his strong leadership will greatly benefit the Urban Outfitters brand.”
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