Urban Outfitters clocks record Q2 sales on strong Anthropologie, Free People comps
Urban Outfitters Inc. announced on Tuesday revenues for the first half of fiscal 2022 increased by more than 7%, on the back of record sales growth in the youth apparel retailer's second quarter.
The Philadelphia-based company said revenues for the six months ending July 31 increased 7.2% to $2.2 billion, compared to the prior-year period. By brand, comparable retail segment net sales increased 12% at the Anthropologie Group and 11% at the Free People Group and decreased 4% at Urban Outfitters. Nuuly segment net sales increased by $33.9 million driven by a significant increase in subscribers.
By channel, total retail segment net sales increased 6%, with comparable retail segment net sales increasing 5%. Wholesale segment net sales increased 3%, driven by a 6% increase in Free People Group wholesale sales, partially offset by a decline in Urban Outfitters wholesale sales.
For the second quarter, Urban Outfitters clocked record sales during the three months, up 2.2% to $1.18 billion. Total retail segment net sales increased 1%, with comparable retail segment net sales also increasing 1%. By brand, comparable retail segment net sales increased 8% at the Free People Group and 7% at the Anthropologie Group and decreased 9% at Urban Outfitters. Wholesale segment net sales increased 1%, said Urban Outfitters.
“We are pleased to announce record Q2 sales fueled by strong ‘comps’ at the Anthropologie and Free People brands,” said Richard Hayne, chief executive officer.
The company recorded net income of $59 million and earnings per diluted share of $0.64 for the three months. For the six months, net income was $91 million and earnings per diluted share were $0.96.
During the first half, the company opened a total of 16 new retail locations including 11 Free People Group stores (including six FP Movement stores), two Urban Outfitters stores, two Anthropologie Group stores and one Menus & Venues restaurant.
It closed four retail locations including two Urban Outfitters stores, one Free People Group store and one Anthropologie Group store.
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