Urban Outfitters reports Q4 sales increase, earnings drop
01 March, 2023
Urban Outfitters, Inc. reported net income of 31.5 million dollars and earnings per diluted share of 34 cents for the fourth quarter.
For the year ended January 31, 2023, net income was 159.7 million dollars and earnings per diluted share were 1.70 dollars.
Total net sales for the quarter increased 3.9 percent to 1.38 billion dollars, while total retail segment net sales increased 2 percent, with comparable retail segment net sales increasing 3 percent, partially offset by a 1 percent negative impact of foreign currency translation.
For the full year, net sales increased 5.4 percent, while retail segment net sales increased 4 percent, with comparable retail segment net sales also increasing 4 percent.
“We are pleased to report record fourth quarter sales driven by strength at the Anthropologie, Free People and Nuuly brands,” said Richard A. Hayne, the company’s chief executive officer.
Urban Outfitters’ performance across core brands
In the fourth quarter, the company said that the increase in retail segment comparable net sales was driven by mid- single-digit positive growth in retail store sales and low single-digit positive growth in digital channel sales.
By brand, comparable retail segment net sales increased 15 percent at the Free People Group and 9 percent at the Anthropologie Group and decreased 10 percent at Urban Outfitters. Wholesale segment net sales decreased 7 percent driven by a 13 percent decrease in Free People Group, while Urban Outfitters wholesale sales increased by 3 million dollars. Nuuly segment net sales increased by 25.5 million dollars driven by a 149 percent increase in subscribers.
During the year under review, comparable retail segment net sales increased 11 percent at the Free People Group and 11 percent at the Anthropologie Group and decreased 7 percent at Urban Outfitters. Wholesale segment net sales decreased 1 percent, driven by a 1 percent decrease in Free People Group. Nuuly segment net sales increased by 81.9 million dollars.
Source: fashionunited.uk