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News Flash
Urban Outfitters generates exceptional results
15 May '08
3 min read
During the first quarter, selling, general and administrative expenses, expressed as a percentage of net sales, decreased by 7 basis points versus the comparable period last year. This decrease was primarily due to leveraging of direct store controllable costs helped by the increase in 'comp' store net sales, which more than offset certain one-time pre-opening expenses related to the Terrain store launch and development expenses of the new Anthropologie wholesale collection, Leiffsdottir and additional bonus accruals.
Earnings per share increased 47% to $0.25 per diluted share for the three months ended April 30, 2008 and the Company's tax rate rose to 35.7%. Management expects the tax rate to remain fairly consistent for the balance of the fiscal year. The prior year's tax rate was impacted by the receipt of one-time federal tax incentives for work performed on the development of our new home offices. Excluding these one-time federal tax incentives, the Company's estimated tax rate would have been approximately 36.2% and earnings per diluted share would have been $0.14 for the comparable period last year.
During the three months ended April 30, 2008, the Company opened a total of 12 new stores including: 7 new Urban Outfitters stores, 1 new Anthropologie store, 3 new Free People stores and our first Terrain garden center. Terrain is the Company's fourth concept which launched during the first quarter of this fiscal year, opening its retail garden center and cafe to the public in late April on the site of Styer's Nurseries in Concordville, PA.
The center offers a wide variety of indoor and outdoor plant material, an eclectic assortment of garden and outdoor living supplies, a cafe and a complete range of landscape and design services. The Company plans to open approximately 45 new stores during fiscal year 2009.
Earnings per share increased 47% to $0.25 per diluted share for the three months ended April 30, 2008 and the Company's tax rate rose to 35.7%. Management expects the tax rate to remain fairly consistent for the balance of the fiscal year. The prior year's tax rate was impacted by the receipt of one-time federal tax incentives for work performed on the development of our new home offices. Excluding these one-time federal tax incentives, the Company's estimated tax rate would have been approximately 36.2% and earnings per diluted share would have been $0.14 for the comparable period last year.
During the three months ended April 30, 2008, the Company opened a total of 12 new stores including: 7 new Urban Outfitters stores, 1 new Anthropologie store, 3 new Free People stores and our first Terrain garden center. Terrain is the Company's fourth concept which launched during the first quarter of this fiscal year, opening its retail garden center and cafe to the public in late April on the site of Styer's Nurseries in Concordville, PA.
The center offers a wide variety of indoor and outdoor plant material, an eclectic assortment of garden and outdoor living supplies, a cafe and a complete range of landscape and design services. The Company plans to open approximately 45 new stores during fiscal year 2009.
Urban Outfitters Inc
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