Urban Outfitters reports “better-than-expected” financial results - Indoors Beauty

Urban Outfitters reports “better-than-expected” financial results

Urban Outfitters reports “better-than-expected” financial results

Urban Outfitters Inc, the homeowners of Urban Outfitters, Anthropologie, and Free People, has reported better-than-expected results for the primary quarter of fiscal 2024.

Defying Wall Street analysts’ prediction, the corporate reported earnings per share of 56 cents, exceeding the expected 35 cents. What’s extra, its income reached £889 million ($1.11 billion), beating the anticipated £881 million ($1.09 billion).

The firm’s internet revenue stood at £42.73 million ($52.82 million), or 56 cents per share.

While Urban Outfitters noticed a decline in gross sales for its namesake model in comparison with the earlier yr, the Free People and Anthropologie manufacturers achieved double-digit gross sales progress.

The firm reported particular person model’s internet gross sales as follows:

  • Urban Outfitters internet gross sales have been down by 13.7% year-on-year to £249.7 million ($308.7 million)
  • Anthropologie gross sales have been up by 12.8% year-on-year to £383.1 million ($473.6 million)
  • Free People gross sales have been up by 11.4% to £221.4 million ($273.7 million)

Nuuly, the subscription-based rental service for girls’s garments, contributed £41.6 million ($51.5 million) to internet gross sales, reflecting a rise from £18.4 million ($22.8 million) the yr prior.

In phrases of segments, retail rose by 4%, in the meantime wholesale dipped by 11%.

Richard A. Hayne, CEO of Urban Outfitters, commented: “We are happy to report file first quarter gross sales and earnings per share pushed by a 5 p.c enhance in comparable retail section gross sales, sturdy progress in Nuuly Rent and a major enchancment in gross margins.”

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