Urban Outfitters profit climbs 8%
Urban Outfitters, the US fashion and homewares retailer, has reported that its pre-tax profit rose 8.1% to $61.3 million in its second quarter. Revenue for the three months to 31 July increased by 11% to $676.3 million.
The company, which owns the Anthropologie, BHLDN, Free People, Terrain and Urban Outfitters chains, saw its like-for-like retail sales rise by 4% but like-for-like store sales edged down 1%. The company’s direct to consumer sales through its websites and catalogues increased by 22% to $137.7 million.
In the last six months, Urban Outfitters opened 28 new stores and plans to launch a total of 51 stores in the current financial year. The company’s main focus this year is the United Kingdom although this will change to Japan in the 2014 financial year.
Urban Outfitters CEO Richard A Hayne said: “I am excited and gratified that our team produced record second quarter sales and profits while reducing ‘comp’ store inventories.
Never Miss a Retail Update!“As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories.”
