Urban Outfitters Inc. reported total company net sales for the three months ended January 31 decreased 6.9 percent over the same period last year to $1.09 billion. Comparable Retail segment net sales decreased 7 percent due to negative retail store net sales as stronger conversion rates could not offset the reduced store traffic caused by the coronavirus pandemic and related occupancy restrictions.
Lower store net sales were partially offset by strong double-digit growth in digital channel sales. By brand, comparable Retail segment net sales increased 6 percent at Free People and decreased 6 percent at Urban Outfitters and 11 percent at the Anthropologie Group. Wholesale segment net sales decreased 7 percent.
“I am pleased to report that all three brands registered nice improvement in ‘comp’ sales trends in January from that delivered during the Holiday period,” said Richard A. Hayne, chief executive officer. “We are particularly pleased with how well the brands transitioned into February. Customer reaction to our spring assortments has been quite strong and ‘comps’ for the first week of the new fiscal year were positive at each brand,” finished Hayne.
Photo courtesy Urban Outfitters
