Urban Outfitters owner hits record income for Q4
During the three months in the run-up to the end of Q4, the company’s total net sales increased by 3.9% to a record $1.38bn (£1.15bn)
Urban Outfitters, Inc, the retail operator of brands Urban Outfitters, Anthropologie, and Free People, has revealed a record net income of $31.5m (£26.3m) for the fourth quarter ending 31 January 2023.
The news comes as during the three months in the run-up to the end of Q4, the company’s total net sales increased by 3.9% to a record $1.38bn (£1.15bn).
By the end of the 2022 financial year, the group reported that its net sales increased by 5.4% year-on-year.
The group attributed this growth to retail store sales, despite recording slower growth in its digital channel sales.
However, Urban Outfitters sales dropped to $426m (£356m) compared to last year’s $474m (£396m).
Meanwhile, the group’s other brands performed better, as Anthropology’s net sales increased to $603m (£504m) in Q4 compared to $558m (£466m) in the same period last year, while Free People also increased to $306m (£255m) from $276m (£231m) by the end of January 2023.
In addition, the group’s brands Nuuly and Menus and Venues also increased in the fourth quarter to $43m (£36m) and $7m (£6m) from $17m (£14m) and $6m (£5m) respectively.
Richard Hayne, chief executive officer of Urban Outfitters, Inc., said: “We are pleased to report record fourth quarter sales driven by strength at the Anthropologie, Free People and Nuuly brands. We enter the spring selling season with an improved inventory position which bodes well for merchandise margin opportunity in fiscal 2024.”
