As of April 30, 2004, total Company inventories grew by $35.1 million on a year-over-year basis. The acquisition of inventory to stock new retail stores was the primary factor for this increase. Comparable store inventories increased by 10%, in line with the Company's plan.
For the three months, selling, general and administrative expenses, expressed as a percentage of net sales, decreased by 153 basis points versus the comparable quarter last year. These improvements were primarily a result of the leveraging of store-related and other fixed administrative expenses due to the increase in the comparable store sales.
Thus far this fiscal year, the Company has opened two new Anthropologie stores and two new Urban Outfitters stores. The Company plans to open an additional 26 to 28 stores during the remainder of the fiscal year.
Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 77 Urban Outfitters stores in the United States, Canada, and Europe; an Urban Outfitters catalog and web site; 67 Anthropologie stores in the United States; an Anthropologie catalog and web site; and Free People, the Company's wholesale division, which sells its product to approximately 1,100 specialty stores, department stores and catalogs, as well as through 2 Free People stores and a web site.d wd web site; 67 Anthropologie stores in the United States; an Anthropologie catalog and web site; and Free People, the Company's wholesale division, which sells its product to approximately 1,100 specialty stores, department stores and catalogs, as well as through 2 Free People stores and a web site.
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