Urban Outfitters, a Philadelphia-based company, has reported record-breaking sales and earnings per diluted share.
The company’s total retail segment net sales increased by 4%, with comparable retail segment net sales increasing by 5%.
This growth was driven by high single-digit growth in digital channel sales and low single-digit growth in retail store sales.
The Free People Group and Anthropologie Group saw significant increases in comparable retail segment sales, with 17% and 13% respectively.
However, Urban Outfitters experienced a 13% decrease in comparable retail segment sales.
Urban Outfitters’ wholesale segment sales decreased by 11%, primarily due to a 14% decrease in Free People Group wholesale sales.
On the other hand, Urban Outfitters’ wholesale sales increased by $1 million.
The Nuuly segment, a subscription-based service, saw a significant increase in net sales of $28.6 million due to a 118% increase in subscribers.
Net income for the three months ended April 30 was $52.8 million, compared to $31.5 million in the prior-year quarter, resulting in record first-quarter earnings per diluted share of $0.56..
