Urban Outfitters’ net sales up 5% in Q3

Urban Outfitters Inc., a portfolio of global consumer brands comprised of Anthropologie, Bhldn, Free People, Terrain, Urban Outfitters and Vetri Family, has unveiled its financial report for the third quarter ended October 31, 2016. The company’s net income totalled US $ 47 million.

As per the company release, net sales rose 5 per cent to a record US $ 862 million over the same quarter last year. Comparable retail segment net sales, which include comparable direct-to-consumer channel, increased 1 per cent. Comparable retail segment’s net sales zoomed 5.2 per cent at Urban Outfitters and declined 1.5 per cent at Free People and 2.7 per cent at the Anthropologie Group. Wholesale segment’s net sales surged 30 per cent.

“I am pleased to announce our teams delivered record third quarter sales. These results were driven by the third consecutive quarter of positive Retail segment ‘comps’ and continued strength in our Wholesale segment,” said Richard A. Hayne, Chief Executive Officer, Urban Outfitters.

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For the nine months ended October 31, 2016, net income amounted to US $ 154 million. Urban Outfitters posted net sales of worth US $ 2.51 billion from last year’s US $ 2.43 billion. During the nine months, the apparel retailer opened a total of 23 new stores including: 11 Free People stores, 9 Anthropologie Group stores and 3 Urban Outfitters stores; and closed 3 stores including: 1 Free People store, 1 Anthropologie Group store and 1 Urban Outfitters store.