Urban Outfitters’ profit more than triples, sales jump 12%
Urban Outfitters Inc. posted a strong start to 2018, with surging first-quarter sales online and off.
Net income rose to $41.3 million, or 38 cents per share, in the quarter ended April 30, from $11.9 million, or 1 cent per share, in the year-ago period.
Total sales jumped 12.4% to $855.7 million, beating analysts' average estimate of $838.1 million. Comparable retail segment sales increased 10%, driven by strong, double-digit growth in the digital channel and positive retail store sales.
By brand, same-store sales increased 15% at Free People, 10% at the Anthropologie Group, and 8% at Urban Outfitters. Wholesale segment net sales increased 13%.
"We are pleased to report record first quarter sales driven by a 10% increase in comparable Retail segment sales and a 13% increase in wholesale sales," said Urban Outfitters CEO Richard Hayne. "Even more exciting is our 280% jump in first quarter EPS, a result of strong sales, healthy margin improvement, SG&A leverage and a lower tax rate."
As of April 30, Urban Outfitters operated 246 namesake stores in the United States, Canada, and Europe and websites; 226 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 134 Free People stores in the United States and Canada, catalogs and websites and 10 restaurants.