Urban Outfitters announces record Q4 sales of $1.33 billion
American fashion retailer Urban Outfitters Inc. on Tuesday reported a net sales increase of 13.9% for the three months ended January 31, 2022, compared to pre-pandemic levels in 2020, reaching a record $1.33 billion.
The Philadelphia-based retailer, which sees the results from its last pre-Covid-19 fourth quarter as a better basis of comparison, said comparable retail segment net sales increased 14% during the quarter, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales.
Broken down by brand, the group’s namesake Urban Outfitters label saw a net sales increase of 3% in its quarterly retail segment sales since the same period two years ago. Net sales also increased 49% at the Free People Group and 14% at the Anthropologie Group.
Total retail segment net sales increased 15%, while wholesale segment net sales decreased 22%. Full-company net income for the quarter was $41 million, or $0.41 per diluted share.
“Record fourth quarter sales were driven by positive ‘comps’ at all brands,” said Richard A. Hayne, chief executive officer. “Strong customer response to our early spring offerings bode well for continued sales growth in the first quarter.”
For the full year period, Urban Outfitters said net sales increased 14.2% compared to the year ended January 31, 2020. Net income for the period was $311 million or $3.13 per diluted share.
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