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Urban Outfitters posts profits boost

US lifestyle retailer Urban Outfitters posted an 8% rise in pre-tax profit for its second quarter, a reversal of fortune compared to its 12.1% drop for the first three months of the year.

Pre-tax profits at the company, which operates fascias including Free People and Anthropologie, rose 8% to $96m (£61m) in the three months to July 31. In May it was announced that profits had dropped 12.1% although sales in the quarter exceeded the company’s expectations.

For the second quarter net sales across the company rose by 11% to $676m (£429m) compared to the same quarter last year. Like-for-like retail sales including its direct-to-consumer multichannel arm rose 4% during the period while like-for-like store sales dropped by 1%.

Like-for-like retail sales at the company’s fascias Free People and Urban Outfitters increased 12% and 6% respectively, while sales at Anthropologie were flat.

Chief executive Richard Hayne said he was “excited and gratified” by the results.

He added: “As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories.”

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