Urban Outfitters profits jump 9%

Urban Outfitters has reported record revenues for the three months ended 31 October.

Profits for the parent company of brands including Urban Outfitters, Anthropologie and Free People climbed nine per cent to around $1.28 billion versus around $1.7 billion in the same quarter of the previous year.

Total retail segment net sales increased 7.3 per cent with comparable retail segment net sales increasing 5.6 per cent.

While brand Free People saw the highest net sales increase for the quarter at 22.5 per cent, net sales declined by 14.2 per cent at Urban Outfitters.

The increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and mid single-digit positive growth in retail store sales, the company said.

Net income in the nine months to 31 October stood at around $240 million – a period in which the company opened 21 new retail locations including ten for Free People and five for Urban Outfitters.

“We are proud to report record third quarter sales that helped drive a 120 per cent increase in EPS,” said Urban Outfitters chief executive Richard A. Hayne. “As we enter the holiday season the consumer continues to react positively to our assortments and marketing campaigns at four out of five of our brands which leaves us confident we can continue to drive revenue and earnings growth in the fourth quarter.”

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