Urban Outfitters’ net income increased to US $ 117.5 million, with the company’s net income for the first six-month period being US $ 179.3 million.
While comparable retail segment net sales climbed by 2 per cent and retail segment net sales increased by 3.1 per cent, net sales for the quarter increased by 6.3 per cent to US $ 1.35 billion.
After growing by 3.2 per cent in the comparable retail segment and 4.4 per cent in the overall retail segment, first-half net sales climbed by 7 per cent to US $ 2.55 billion.
“We are pleased to report record second-quarter sales fueled by strength across all three segments – retail, Nuuly and wholesale. Equally impressive, four of our five brands delivered record operating profits during the second quarter,” said Richard A. Hayne, the company’s CEO.
At Free People, Anthropologie, and Urban Outfitters, the company’s comparable retail segment net sales climbed by 7.1 per cent, 6.7 per cent, and 9.3 per cent, respectively. The average number of active members climbed by 55 per cent, which contributed to a 62.6 per cent increase in net sales for the Nuuly category.
Net sales for the wholesale category rose 15.1 per cent, mostly due to a 17.5 per cent rise in sales at Free People, which was somewhat offset by a decline in sales at Urban Outfitters.
During the first half period, the company opened 19 new retail locations including nine Free People stores, five Urban Outfitters stores and five Anthropologie stores; and closed nine retail locations including four Urban Outfitters stores, three Anthropologie stores and two Free People stores.
