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Urban Outfitters Q1 sales up 17%, same-store sales down

May '06
Urban Outfitters Inc, a leading lifestyle consumer products company operating under the Anthropologie, Free People and Urban Outfitters brands, announced sales for the three months ended April 30th 2006.

Total company sales for the first quarter increased by 17 percent over the same period last year to $270.0 million. The following factors drove this increase:

-- A 22 percent increase in the number of stores in operation resulting in new and noncomparable store sales increases of $32.4 million;
-- A 65 percent jump in Free People wholesale sales; and
-- A 17 percent gain in direct-to-consumer sales.

The combination of these factors more than offset a 3 percent decrease in total company comparable store sales during the first quarter. By brand, 'comp' store sales decreased by 2 percent at Anthropologie and 4 percent at Urban Outfitters, and increased by 14 percent at Free People.

In the prior year's first quarter, 'comps' at those brands increased by 9 percent, 13 percent and 45 percent, respectively and total Company 'comps' rose by 11 percent.

Richard Hayne, Chairman and President, said, "As our merchants navigate through the turbulence caused by the recent macro-change in women's fashion, our Urban Outfitters and Anthropologie brands both delivered Q1 'comp' store sales well below our original expectation."

"At the same time, the Free People wholesale and retail groups and the Urban European division producedsales results that significantly exceeded our plans. In addition, total 'comp' store sales strengthened in April over the prior two months due to the Easter calendar shift and a better customer response to the newly arrived Anthropologie summer apparel assortment," Hayne added.

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