Urban Outfitters Inc, a leading lifestyle consumer products company operating under the Anthropologie, Free People and Urban Outfitters brands, announced sales for the three and six months ended July 31, 2006.
Total Company sales for the second quarter increased by 13% over the same period last year to $285.6 million. The following factors drove this increase:
-- A 29% increase in the number of stores in operation resulting in new and noncomparable store sales increases of $36.2 million;
-- A 64% jump in Free People wholesale sales; and
-- An 11% gain in direct-to-consumer sales.
These factors offset a 7% decrease in total Company comparable store sales during the second quarter. By brand, 'comp' store sales decreased by 2% at Anthropologie, 11% at Urban Outfitters and increased by 8% at Free People. In the prior year's second quarter, 'comps' at these brands increased by 6%, 13% and 36%, respectively, and total Company 'comps' rose by 10%.
"We were pleased with the results produced this quarter by our Free People wholesale and retail groups and the Urban European stores, all of which delivered sales significantly above our plans," said Richard Hayne, Chairman and President.
"However, store sales at our two large retail brands were below plan due to missed fashion opportunities. During the quarter we continued to develop a much clearer understanding of the fashion trends our customers are responding to, and weare working to adjust our forward season assortments accordingly," Hayne added.
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