Home / Knowledge / News / Apparel/Garments / Urban Outfitters Q1'FY14 net sales up 6% to $686mn
Urban Outfitters Q1'FY14 net sales up 6% to $686mn
20
May '14
Urban Outfitters, Inc., a leading lifestyle specialty retail company operating under the Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands, announced net income of $37 million for the three months ended April 30, 2014.  Earnings per diluted share were $0.26 for the three months ended April 30, 2014.
 
Total Company net sales for the first quarter of fiscal 2015 increased 6% over the same quarter last year to a record $686 million. Comparable Retail segment net sales, which include our comparable direct-to-consumer channel, were flat. Comparable Retail segment net sales increased 25% at Free People and 8% at the Anthropologie Group and decreased 12% at Urban Outfitters. Wholesale segment net sales increased 27%.
 
"I am pleased to announce record URBN first quarter sales driven by strong performances at both the Anthropologie and Free People brands," said Richard A. Hayne, Chief Executive Officer.  "While Anthropologie and Free People continue to deliver record levels in sales and profits, Urban Outfitters had a disappointing quarter and is working diligently to regain its fashion footing," finished Mr. Hayne.
 
For the three months ended April 30, 2014, the gross profit rate declined by 209 basis points versus the prior year's comparable period. The decline in gross profit rate was primarily due to a deleverage in store occupancy costs driven by negative store comparable sales at the Urban Outfitters brand and pre-opening rent expense related to new stores. Lower merchandise margins at the Urban Outfitters brand resulting from poor performing product also contributed to the decline.
 
As of April 30, 2014, total inventories increased by $24 million, or 7%, on a year-over-year basis. The growth in total inventories is primarily related to the acquisition of inventory to stock new and non-comparable stores. Comparable Retail segment inventories increased 2% at cost while decreasing 5% in units.
 
For the three months ended April 30, 2014, selling, general and administrative expenses, expressed as a percentage of net sales, increased 45 basis points compared to the prior year period. The increase was primarily due to increased marketing expenses which drove higher direct-to-consumer traffic. 
 
The Company's effective tax rate for the first quarter of fiscal 2015 was 37.0% compared to 35.4% in the prior year period. The increase in the rate was due to a true-up in state taxes.
 
During the third quarter of fiscal 2014, the Board of Directors authorized the repurchase of 10.0 million common shares under a share repurchase program. During the first quarter of fiscal 2015, the Company repurchased and retired 9.7 million common shares for approximately $353 million completing the share repurchase authorization.
 
Click here to view full results.
 

Urban Outfitters

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search