- Urban Outfitters is up 9.8% after hours, rebounding from an off day following a Q1 earnings report where its comparable sales surprised to the upside and the company edged revenue expectations overall.
- Overall sales hit a record $763M; comparable retail segment net sales (benefiting from leap day) were up 1% (up 2% at Urban Outfitters, flat at Anthropologie, down 2% at Free People).
- Net sales by brand: Urban Outfitters, $299.3M (up 1.2%); Anthropologie Group, $315.3M (up 1.3%); Free People, $144.5M (up 9.5%); other, $3.4M. By segment: Retail, $700.2M (up 2.2%); Wholesale, $62.4M (up 15.5%).
- Total inventory fell 10% Y/Y, mainly due to a decline in comparable Retail inventory, down 10% at cost.
- SG&A expenses as a percentage of net sales were up 155 basis points, as the company increased marketing expense to push customer acquisition/retention, as well as deleverage in direct store controllable expenses and an increase in technology-related initiatives tied to omni-channel efforts.
- Press Release