Profits up at Urban Outfitters
PHILADELPHIA — Net income rose to $83 million at Urban Outfitters for its fourth quarter from $39.26 million in the year-ago period, on strong same-store sales and higher revenue.
Total company net sales for the quarter increased 17% to $857 million. Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 11% for the quarter, while comparable-store net sales were flat.
Comparable retail segment net sales at Free People, Urban Outfitters and Anthropologie increased 37%, 11% and 7%, respectively. Direct-to-consumer net sales surged 44% and wholesale segment net sales grew 22% for the quarter.
Sales from Urban Outfitters grew 16.5%, while Anthropologie sales rose 11.9%. Free People sales surged 39.9%.
For the year ended January 31, 2013, total company net sales increased to $2.8 billion or 13% over the prior year.
"We entered the year with a plan to invest in initiatives to drive top line growth and improve margins,” said CEO Richard A. Hayne. “We succeeded on both fronts especially in the fourth quarter. We will pursue a similar strategy in the current fiscal year as we believe we have only begun to unlock the opportunities ahead of us.”