Urban Outfitters reports increase in Q2 sales

Urban Outfitters, Inc. reported net income of 59 million dollars and earnings per diluted share of 64 cents for the second quarter.

For the six month period net income was 91 million dollars and earnings per diluted share were 96 cents.

“We are pleased to announce record Q2 sales fueled by strong ‘comps’ at the Anthropologie and Free People brands,” said Richard A. Hayne, the company’s chief executive officer in a release.

Highlights of Urban Outfitters’ Q2 results

Total second quarter company net sales increased 2.2 percent over the same period last year to 1.18 billion dollars.

Retail segment net sales increased 1 percent, with comparable retail segment net sales also increasing 1 percent.

By brand, comparable retail segment net sales increased 8 percent at the Free People Group and 7 percent at the Anthropologie Group and decreased 9 percent at Urban Outfitters.

Wholesale segment net sales increased 1 percent, driven by a 4 percent increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales. Nuuly segment net sales increased by 18.8 million dollars driven by a significant increase in the company’s subscribers.

Urban Outfitters H1 net sales increased 7.2 percent

For the six months ended July 31, 2022, total company net sales increased 7.2 percent compared to the same period last year.

Total retail segment net sales increased 6 percent, with comparable retail segment net sales increasing 5 percent. Retail segment comparable sales increased due to double-digit growth in retail store sales due to increased store traffic, partially offset by low single-digit negative digital channel sales.

By brand, comparable retail segment net sales increased 12 percent at the Anthropologie Group and 11 percent at the Free People Group and decreased 4 percent at Urban Outfitters.

Wholesale segment net sales increased 3 percent, driven by a 6 percent increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales. Nuuly segment net sales increased by 33.9 million dollars.

During the six month period, the company opened a total of 16 new retail locations including 11 Free People Group stores (including six FP Movement stores), two Urban Outfitters stores, two Anthropologie Group stores and one Menus & Venues restaurant. The company closed four retail locations including two Urban Outfitters stores, one Free People Group store and one Anthropologie Group store.

During the period under review, two Urban Outfitters franchisee-owned stores and one Anthropologie Group franchisee-owned store were opened.