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URBN Q3 2019 sales jump 1.4% to $987 mn

20
Nov '19
Pic: URBN
Pic: URBN
Urban Outfitters (URBN), a lifestyle products & services company operating a portfolio of global consumer brands, has recorded net sales increase of 1.4 per cent to $987 million for Q3 ending October 31, 2019, compared to $973 million in same period last year. The net income was $56 million and $149 million for 3 and 9 months ending October 31, respectively.

The comparable retail segment net sales increased 3 per cent, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, comparable Retail segment net sales increased 9 per cent at Free People, 4 per cent at the Anthropologie Group and were flat at Urban Outfitters. Wholesale segment net sales decreased 7 per cent.

“I’m pleased to report record third quarter sales, driven by better reaction to our apparel assortments and strength in the digital channel,” said Richard A Hayne, chief executive officer of URBN. “Looking ahead to Q4, we’re encouraged by positive sales-to-date but realise our highest volume days have yet to be written.”

For the three months ended October 31, 2019, the gross profit rate decreased by 217 basis points versus the prior year’s comparable period. The decrease in gross profit rate was driven by higher markdowns, deleverage in delivery and logistics expenses and lower Wholesale segment margins.

During the nine months ending October 31, the company opened a total of 19 new retail locations including: 9 Free People stores, 6 Anthropologie Group stores and 4 Urban Outfitters stores; and closed 5 retail locations including: 2 Anthropologie Group stores, 1 Free People store and 2 Food and Beverage restaurants. During the nine months ending October 31, two franchisee-owned stores were opened including: one Anthropologie Group store and one Urban Outfitters store.

Urban Outfitters, Inc, offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 249 Urban Outfitters stores in the United States, Canada and Europe and websites; 231 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 143 Free People stores in the United States, Canada and Europe, catalogs and websites, 11 Food and Beverage restaurants, 5 Urban Outfitters franchisee-owned stores, 1 Anthropologie Group franchisee-owned store and 1 Free People franchisee-owned store, as of October 31, 2019.

Fibre2Fashion News Desk (PC)


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