Urban Outfitters sees record salesTuesday, 28 August 2012
Youth and lifestyle retailer Urban Outfitters reported a growth of 11 percent in the
quarter ending July 31st. The company stated it earned net sales of $676 million.
The American retail company, who's London flagship is on Oxford Circus, also operates the Anthropologie, BHLDN, Free People and Terrain brands.
Comparable retail segment net sales, which include the direct-to-consumer channel, increased 4% for the quarter, while comparable store net sales decreased 1%. Direct-to-Consumer net sales increased 22% and wholesale segment net sales rose 17%.
“I am excited and gratified that our team produced record second quarter sales and profits while reducing ‘comp’ store inventories,” said CEO, Richard A. Hayne. “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,” finished Hayne.