Urban Outfitters Q1 net sales rise 8 percent

Urban Outfitters announced a net income of 33 million dollars for the three months ended April 30, 2015 and earnings per diluted share of 0.25 dollars. Total company net sales for the first quarter increased 8 percent over the same quarter last year to 739 million dollars.

Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 4 percent. Comparable Retail segment net sales increased 17 percent at Free People, 5 percent at Urban Outfitters and 1 percent at the Anthropologie Group. Wholesale segment net sales rose 18 percent.

"I am pleased to announce a record first quarter sales and positive retail segment comparable net sales at each of our brands," said Richard A. Hayne, Chief Executive Officer, adding, "I believe our Retail segment comparable net sales growth is being driven by the success of our omni-channel strategy."

For the three months, the gross profit rate decreased by 141 basis points versus the prior year's comparable period. The decline in gross profit rate was primarily due to lower initial margins at the Urban Outfitters brand and higher delivery and fulfillment expense across the entire company. The company opened a total of seven new stores including four Free People stores, two Anthropologie Group stores and one Urban Outfitters store during the quarter and closed one Urban Outfitters store.