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Urban Outfitters sales grow but profits drop

Lifestyle retailer Urban Outfitters grew net sales 13.6% in the three months to January 31, compared to the same period the previous year, but net profits dropped 3.1%.

The US-based company, which owns premium womenswear retailer Anthropologie, womenswear brand Free People and its the eponymous Urban Outfitters brand, saw net profits for the fourth quarter drop to $75.2m (£46.5m), down from $77.7m (£48m) in the same period a year ago.

Full-year comparisons were more favourable, with profits up by 24.1% percent to $273m (£168.7m).

The company reported a rise in net sales of 13.6% to $668.4m (£413.4m) up from $588.5m (£363.9m) in the same period the previous year.

By brand, net sales at Urban Outfitters rose 13.3% to $321.8m (£199m) while Anthropologie’s increased 10% to $283.4m (£175.2m). Free People’s net sales were up 35.2% to $58.9m (£36.4m).

Urban Outfitters did not split out its UK performance.

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