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Urban Outfitters brand reports ‘disappointing’ Q3 sales

Urban Outfitters Group has reported a net sales increase of 5% to $814m (£519m) for the third quarter ending October 31 compared to the same period last year, while net income was $47m (£30m), but sales at the Urban Outfitters brand dropped.

Comparable retail sales decreased 1% overall, driven by a fall of 7% at Urban Outfitters and an increase of 15% at Free People and a 2% increase at the Anthropologie Group. Net sales at the wholesale segment rose 26%.

The company did not give a breakdown for UK figures.

“While we are pleased with delivering record third quarter sales fuelled by strong performances at our Anthropologie and Free People brands, I am disappointed by the results at the Urban Outfitters brand,” said chief executive Richard Hayne. “There is much work to be done to improve the merchandise margins and store performance at the Urban brand, but I see positive signs as shown by strong results at the brand’s direct-to-consumer channel.”

Urban Outfitters has 236 Urban Outfitters stores in the US, Canada and Europe; 199 Anthropologie Group stores in the US, Canada and Europe; and 102 Free People stores in the US and Canada. It wholesales the Free People brand to 1,400 stockists worldwide.

During the period the group opened 29 stores including 12 Free People stores, 10 Anthropologie Group stores and 7 Urban Outfitters stores. It closed one Urban Outfitters store.

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