Urban Outfitters Q4 sales drop 6.9%
During the year ended period, the company opened a total of 20 new retail locations including and closed 10 retail locations
Urban Outfitters has announced its total company net sales for the three months ended January 31, 2021, decreased 6.9% to $1.09bn (£787m) compared with $1.16bn (£837m) the previous year.
The retailer also revealed comparable retail segment net sales decreased 7% which the group claims was due to negative retail store net sales as “stronger conversion rates” could not offset the reduced store traffic caused by the coronavirus pandemic and related occupancy restrictions.
However, it added lower store net sales were “partially offset” by strong double-digit growth in digital channel sales.
During the period, the company opened a total of 20 new retail locations and closed 10 retail locations which included eight Urban Outfitters stores, one Anthropologie Group store and one Free People store.
Furthermore, during the period six franchisee-owned stores were closed including four Urban Outfitters sites, one Anthropologie Group and one Free People store.
Richard A. Hayne, CEO, Urban Outfitters, said: “I am pleased to report that all three brands registered a nice improvement in ‘comp’ sales trends in January from that delivered during the Holiday period.
“We are particularly pleased with how well the brands transitioned into February. Customer reaction to our spring assortments has been quite strong and ‘comps’ for the first week of the new fiscal year were positive at each brand.”
