FINANCE

Urban Outfitters reports an increase in Q2 sales & earnings

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Urban Outfitters, Inc., which operates a portfolio of global consumer brands comprised of the Anthropologie, BHLDN, Free People, FP Movement, Terrain, Urban Outfitters, Nuuly and Menus & Venues brands, announced net income of 127 million dollars and earnings per diluted share of 1.28 dollars for the second quarter and net income of 181 million dollars and earnings per diluted share of 1.82 dollars fot the six month period. The total retail segment net sales rose 24 percent while wholesale segment nets decreased 30% due to a reduction in promotional wholesale sales by the Free People Group.

For the six months, total company net sales increased 14.1 percent and comparable retail segment net sales increased 17 percent. The gross profit rate grew by 327 basis points for the six months ending July 31, 2021.

During the six months, the company opened 28 new retail locations including 15 Free People Group stores including seven FP Movement stores, nine Urban Outfitters stores and four Anthropologie Group stores.

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