Urban Outfitters announced on Wednesday full-year sales increased 7.7% to a record $5.55 billion, on the back of double-digit growth sales in the fourth quarter.
Urban Outfitters
The Philadelphia-based company said retail segment sales increased 4.7%, with comparable retail segment sales increasing 3.4%, driven by mid single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. By brand, comparable retail sales increased 8.9% at Free People and 7.7% at Anthropologie, but decreased 8.7% at Urban Outfitters.
Wholesale segment sales increased 15.5% driven by a 17.9% increase in Free People wholesale sales, thanks to an increase in sales to specialty customers and department stores. The increases were partially offset by a decrease in Urban Outfitters wholesale sales.
For the three months ending January 31, the company clocked a net income of $120.3 million and earnings per diluted share of $1.28. Meanwhile, annual net income was a record $402.5 million and earnings per diluted share were $4.26.
“We are pleased to announce record Q4 revenues and full-year profits,” said Richard. Hayne, chief executive officer, Urban Outfitters. “Our success was driven by strength across all three segments – retail, subscription and wholesale. We believe these results demonstrate the effectiveness of our strategic initiatives and give us confidence in Urban’s continued success.”
During the twelve months ended January 31, the company opened a total of 57 new retail locations including: 37 Free People stores (including 25 FP Movement stores), 13 Anthropologie stores and 7 Urban Outfitters stores. Comparatively, it closed 30 retail locations including: 14 Urban Outfitters stores, 11 Anthropologie stores and 5 Free People stores.
