Urban Outfitters, Inc. announced net income of 53 million dollars and earnings per diluted share of 56 cents for the first quarter.
The company said in a statement that net sales for the period increased 5.9 percent to 1.11 billion dollars. Retail segment net sales increased 4 percent, with comparable retail segment net sales increasing 5 percent.
“We are pleased to report record first quarter sales and earnings per share driven by a 5 percent increase in comparable retail segment sales, strong growth in Nuuly Rent and a significant improvement in gross margins,” said Richard A. Hayne, the company’s chief executive officer.
The company added that the increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales.
By brand, comparable retail segment net sales increased 17 percent at the Free People Group and 13 percent at the Anthropologie Group and decreased 13 percent at Urban Outfitters.
The company’s wholesale segment net sales decreased 11 percent driven by a 14 percent decrease in Free People Group wholesale sales, while Urban Outfitters wholesale sales increased by 1 million dollars. Nuuly segment net sales increased by 28.6 million dollars driven by a 118 percent increase in subscribers as of the current quarter.