Urban Outfitters, Inc. announced total Company sales for the fourth quarter and the fiscal year ended January 31, 2003 were up 13 percent to $117.8 million from $103.9 million for the comparable quarter last year. Comparable store sales increased 1.3 percent versus an 8.3 percent increase last year. Comparable store sales were up 5 percent at Urban Retail and down 3 percent at Anthropologie Retail, as compared to increases of 3 percent and 17 percent, respectively, last year. Direct-to-consumer sales increased 22 percent for the quarter, and Free People sales decreased by 12 percent.
Sales for the 12 months ended January 31, 2003 were up 21 percent to $423.0 million versus $349.0 million for the same 12 months of the prior year. Comparable store sales for the 12 months of FY 2003 increased 9.1 percent, with Urban Retail up 7 percent and Anthropologie Retail up 12 percent. Direct-to-consumer sales increased by 29 percent for the year, and Free People sales were flat.
“To have achieved record sales, positive comp store results and nine new store openings in the quarter is a very solid accomplishment in this environment,” Mr. Hayne said. “When taken together with our tight inventory position throughout the quarter, profitability should come in on plan. We enter our new fiscal year with very clean, fresh inventory.”
Net sales for the periods were as follows:
Three months ended Twelve months ended
January 31, January 31,
2003 2002 2003 2002
(in thousands) (in thousands)
Urban Outfitters
store sales $59,400 $53,530 $213,990 $184,999
Anthropologie store
sales 46,160 39,420 158,737 120,877
Direct-to-consumer
sales 9,630 7,924 32,004 24,815
Free People sales 2,640 2,996 18,280 18,267
Total net sales $117,830 $103,870 $423,011 $348,958
