Urban Outfitters Q1 comparable sales up 4.6 percent

Urban Outfitters reported first quarter net income of 61.8 million dollars and earnings per diluted share of 65 cents, while adjusted net income was 65.5 million dollars and adjusted earnings per diluted share were 69 cents.

Net sales for the quarter increased 7.8 percent to 1.20 billion dollars with retail segment net sales increase of 5.8 percent and comparable retail segment net sales increase of 4.6 percent.

“We are pleased to report record first quarter sales and earnings driven by continued strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, the company’s chief executive officer.

The company said that the increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales.

Comparable retail segment net sales increased 17.1 percent at Free People, 10.4 percent at Anthropologie and decreased 13.7 percent at Urban Outfitters.

The company added that wholesale segment net sales increased 3.4 percent driven by a 6.3 percent increase in Free People wholesale sales due to an increase in sales to department stores and specialty customers, partially offset by a decrease in Urban Outfitters wholesale sales. Nuuly segment net sales increased by 51.4 percent driven by a 45 percent increase in average active subscribers.

“Customer demand remains robust for our spring and summer fashion, which bodes well for continued sales growth in Q2,” added Hayne.

During the three months under review, the company opened a total of 8 new retail locations including four Urban Outfitters stores, two Anthropologie stores and two Free People stores including one FP Movement store and closed four retail locations including two Urban Outfitters stores, one Anthropologie store and one Free People store.