- Prachi Singh |
Urban Outfitters, Inc. has announced that total company net sales for the three months ended January 31, 2020, increased 3.6 percent to 1.17 billion dollars, while comparable retail segment net sales increased 4 percent, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, comparable retail segment net sales increased 9 percent at Free People, 6 percent at the Anthropologie Group and were flat at Urban Outfitters. Total retail segment net sales increased 4 percent, while wholesale segment net sales decreased 10 percent due to a 12 percent decrease in Free People.
“I am pleased to report record fourth quarter revenues, driven largely by a 4 percent increase in retail segment comparable sales,” said Richard A. Hayne, the company’s Chief Executive Officer in a statement, adding, “Promotional activity was higher than planned which was necessary to ensure ending retail segment inventories were clean at all three brands leaving them well positioned entering the spring season.”
During the year ended January 31, 2020, the company opened a total of 26 new retail locations including: 10 Free People stores, nine Anthropologie Group stores and seven Urban Outfitters stores; and closed 12 retail locations including: five Anthropologie Group stores, one Free People store, four Urban Outfitters store and two Food and Beverage restaurants. During the year, the company added, two franchisee-owned stores were opened including: one Anthropologie Group store and one Urban Outfitters store.