Urban Outfitters owner achieves record first quarter sales
URBN, the owner of the Urban Outfitters, Anthropologie, Free People, BHLDN and Terrain brands, has said that total net sales in its first quarter increased by 12.4% year-on-year to a record $856 million.
In the three months to 30 April, the company’s earnings per share climbed by 280%.
Comparable retail segment net sales rose by 10%, driven by strong, double-digit growth in online sales and positive retail store sales. Looking at the different brands, comparable retail segment net sales increased by 15% at Free People, by 10% at the Anthropologie Group and by 8% at Urban Outfitters. Meanwhile, wholesale segment net sales were up 13%.
Richard Hayne, URBN chief executive, said: “We are pleased to report record first quarter sales driven by a 10% increase in comparable Retail segment sales and a 13% increase in wholesale sales, Even more exciting is our 280% jump in first quarter EPS, a result of strong sales, healthy margin improvement, SG&A leverage and a lower tax rate.”
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