Urban Outfitters reports record Q1 net sales

The net sales reported for Q1 of FY17 was $763 million, a rise of 3 per cent as compared to $739 million over the same period last fiscal.

Retail segment at Urban Outfitters reported net sales of $700 million as compared to $685 million in the corresponding quarter last fiscal, growth of 2.18 per cent. Wholesale segment reported net sales of $62 million as compared to $54 million previously, a rise of 14.81 per cent.

The company opened 4 new stores (3 Free People stores and 1 Anthropologie Group) this quarter and closed 2 stores (1 Urban Outfitters store and 1 Anthropologie Group store).

As of April 30, 2016, total inventory decreased by $38 million or 10 per cent on a year-over-year basis because of a decline in comparable retail segment inventory.

“We are pleased to announce record first quarter sales and improved gross profit margins,” Richard Hayne, CEO of Urban outfitters commented. “These results were driven by more compelling product assortments, improved inventory management and stronger marketing.”

The gross profit rate increased by 100 basis points – to 34.3 per cent of net sales – versus the prior year’s comparable period. (MCJ)

Fibre2Fashion News Desk - India