Philadelphia – Urban Outfitters, Inc. reported stronger than expected net sales, which drove a 39% increase in net earnings. The specialty retailer reported record total net sales of $648 million during first quarter fiscal 2014, up 14% from $568 million in the same quarter last year. Net earnings for the quarter were $47 million, higher than analyst expectations and up 39% from first quarter fiscal 2013.
CEO Richard A, Hayne credited direct-to-consumer sales as a major driver of Urban Outfitters’ successful quarter. "Our focus on the direct-to-consumer channel has paid off nicely and we plan to continue to make the investments necessary to support its robust growth," said Hayne.
This fiscal year, Urban Outfitters plans to open 35-40 new stores, including 16 Urban Outfitters stores, 14 Free People stores, nine Anthropologie stores. In the most recent quarter, the company opened five new domestic stores as well as one Canadian and one European location.