Urban Outfitters announced record sales for the two-month period beginning November 1 and ending December 31, 2003.

For the two-month Holiday selling season, total comparable store
sales increased by 20%. Comparable sales at our Urban Outfitters and
Anthropologie stores were up 19% and 21%, respectively, versus 4% and
(2)% for the same period last year. Direct-to-consumer sales jumped by
122% with very strong growth at Anthropologie Direct and exceptional
growth at Urban Outfitters Direct.

Comparable store sales for the calendar month of December grew by
18% at both of our retail brands. Direct-to-consumer sales for
December leaped by 152% compared to the same month last year.

“Sales momentum at both retail brands remained extremely strong
throughout the two-month Holiday selling season,” said Richard A.
Hayne, Chairman and President. “The apparel and accessory divisions
led the sales gains, while home division sales continued to show
substantial improvement, posting positive 'comps' in December. Sales
of regular priced merchandise drove these impressive gains and should
impact margins favorably.”

Total Company sales for the two-month period grew by 48% over the
same period last year to a record $132.6 million. Total retail store
sales for this same period increased by 43% to $116.6 million. The
growth in total Company sales resulted from the increases in
comparable store sales and Direct-to-consumer sales as reported above
and from an additional $19.1 million in sales generated by twenty-nine
new and non-comparable stores.

Total retail store sales for the eleven months ended December 31,
2003 were up 27% to $443 million from $348.9 million for the same
eleven months of the prior year. Comparable store sales for the
eleven-month period at our Urban Outfitters and Anthropologie stores
both increased by 12%.

Thus far during the fourth quarter, the Company has opened five
new Urban Outfitters stores and five new Anthropologie stores. The
Company expects to open one additional Anthropologie store in January
2004, which would bring the total number of new stores opened for the
year to twenty-one (eight Urban Outfitters and thirteen Anthropologie
stores).