Urban Outfitters, Inc. reported net income of 32 million dollars and earnings per diluted share of 33 cents for the three months ended April 30, 2022.
Total company net sales for the quarter increased 13.4 percent over the same period last year to 1.05 billion dollars. Total retail segment net sales increased 12 percent, with comparable retail segment net sales up 11 percent.
The company said, retail segment comparable sales increased due to double-digit growth in retail store sales driven by increased store traffic, partially offset by mid-single-digit negative digital channel sales.
“We are pleased to announce record Q1 sales driven by an 11 percent retail segment ‘comp’,” said Richard A. Hayne, the company’s chief executive officer, adding, “Unfortunately, the impact of inflation on our costs of doing business more than offset the benefit of record revenues.”
By brand, comparable retail segment net sales increased 18 percent at the Anthropologie Group, 15 percent at the Free People Group and 1 percent at Urban Outfitters. Wholesale segment net sales increased 6 percent, driven by a 9 percent increase in Free People Group wholesale sales. Nuuly segment net sales increased by 15 million dollars driven by a significant increase in the subscriber base.
During the quarter, the company opened five new retail locations including two Free People Group stores (including one FP Movement store), two Urban Outfitters stores and one Menus & Venues restaurant; and closed three retail locations including: one Free People Group store, one Urban Outfitters store and one Anthropologie Group store. During the three months, two Urban Outfitters franchisee-owned stores and one Anthropologie Group franchisee-owned store were also opened.