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Profits slump at Urban Outfitters

Net profit at Urban Outfitters Group was down 35% year on year to $60.3m (£49.7m) for the 13 weeks to 31 July.

The group suffered from a 3% decrease in net sales – to $962m (£793m) – in the quarter, and a 1.5% increase in costs to $646.4m (£532.9m). This resulted in an 11% year-on-year decline in gross profit to $315.9m (£260.5m).

The group, which owns Anthropologie, BHLDN, Free People, Terrain, Nuuly and Urban Outfitters, said negative retail store sales were partially offset by growth in digital channels.

Free People recorded a 6% increase in net sales over the period, compared with 5% and 3% drops at Anthropologie and Urban Outfitters respectively.

CEO Richard Hayne reportedly admitted that this year’s second quarter would “not be remembered as one of Urban’s finest”, adding that sales and margins were below its expectations.

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