Urban Outfitters reported substantial gains in net sales for the fourth quarter and fiscal year 2014, driven primarily by the company’s Anthropologie and Free People brands.
Total company sales in the quarter increased 6% to $906 million from $856.8 million in the year-ago period — less than Wall Street expected.
Same-store retail segment net sales, which include the direct-to-consumer channel, increased 1%. Same-store retail segment net sales increased 20% at Free People and 10% at Anthropologie and decreased 9% at Urban Outfitters. Wholesale segment net sales rose 24%.
For the year ended Jan. 31, 2014, total company net sales increased to $3.1 billion or 10% from $2.8 billion the prior year. Same-store retail segment net sales increased 6%. Wholesale segment net sales increased 20%.
"I am pleased to announce record Urban Outfitters sales for the fourth quarter of fiscal 2014 driven by outstanding performances from the Anthropologie and Free People brands," said Richard A. Hayne, CEO. "Although customer response to our early spring fashion offerings has been difficult to read due to weather abnormalities, the Anthropologie and Free People brands continue to deliver solid same-store retail segment sales gains. These gains, however, have been largely offset by weakness at the Urban Outfitters brand.”
The company will release fourth quarter and fiscal year 2014 earnings results March 10.