Urban Outfitters Reports Record Holiday Sales

Urban Outfitters (URBN)

PHILADELPHIA, PA — Urban Outfitters, Inc. (NASDAQ: URBN) announced net sales for the two and eleven months ended December 31, 2021.

Due to the material impact of COVID-19 on their business operations in fiscal 2021, including mandated store closures, the Company’s announcement includes a comparison of fiscal 2022 results to fiscal 2020. Management views the comparison of fiscal 2022 results to fiscal 2020 as the more meaningful measurement of the Company’s business performance.

Total Company net sales for the two months ended December 31, 2021, increased 14.6% compared to the two months ended December 31, 2019. Comparable Retail segment net sales increased 14%, driven by strong double-digit growth in digital channel sales, partially offset by high single-digit negative retail store sales primarily due to reduced store traffic. By brand, comparable Retail segment net sales increased 47% at the Free People Group, 15% at the Anthropologie Group and 3% at Urban Outfitters. Total Retail segment net sales increased 15%. Wholesale segment net sales decreased 18% primarily from reducing the Free People Group’s sales to promotional wholesale customers. URBN now believes that the total Company fourth quarter gross margin could deleverage due to higher than anticipated inbound transportation costs.

For the eleven months ended December 31, 2021, total Company net sales increased 14.4% compared to the eleven months ended December 31, 2019. Comparable Retail segment net sales increased 16%, driven by strong double-digit growth in digital channel sales, partially offset by low double-digit negative retail store sales due to reduced store traffic. Wholesale segment net sales decreased 22% primarily from reducing the Free People Group’s sales to promotional wholesale customers.

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During the eleven months ended December 31, 2021, the Company opened a total of 56 new retail locations including: 29 Free People Group stores (including 18 FP Movement stores), 17 Urban Outfitters stores, 9 Anthropologie Group stores and 1 Menus & Venues restaurant; and closed 10 retail locations including: 4 Anthropologie Group stores, 2 Free People Group stores, 2 Urban Outfitters stores and 2 Menus & Venues restaurants. During the eleven months ended December 31, 2021, 1 Urban Outfitters franchisee-owned store and 1 Anthropologie Group franchisee-owned store were opened.

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