Urban Outfitters Posts “Record Sales” in Third Quarter
Urban Outfitters has comfortably beaten market expectations, posting “record third quarter sales” across all of its brands.
The fashion group, which owns brands Anthropology and Free People alongside the eponymous retail chain, posted a 3.5 per cent jump in net sales to $893 million (£674.13 million), having been forecast to top just $861 million (£649.97 million).
In the three months to October 31, net income across the group hit $45 million (£33.97 million), overreaching the $37 million (£27.93 million) predicted.
Its namesake brand, which trades from around 30 stores in the UK, saw comparable sales rise one per cent, but the group’s sales were lifted by a five per cent jump in its Free People arm and an 8.7 per cent boost in its wholesale operation.
“I am pleased to announce record third quarter sales, positive Retail segment comps at all three brands and another strong performance from Free People wholesale,” said chief executive Richard A Hayne.
“Record sales were driven by improved apparel execution across all channels and brands.”
This comes after the brand posted its worst results for seven years back in August, marking a positive turnaround ahead of its final quarter.