The US retail group Urban Outfitters Inc. set a new sales record in the third quarter of the 2023/24 financial year and significantly increased its profit. This emerges from an interim report that the company presented on Tuesday evening
In the period from August to October, group sales amounted to 1.28 billion US dollars (1.18 billion euros). This means that revenues rose by 9.0 percent compared to the same quarter in the previous year and reached a new high in the company’s history.
An 11.7 percent decline in sales to $324.4 million at the Urban Outfitters retail chain was more than offset by significant increases in the other corporate divisions. In the Anthropology segment, revenues rose by 13.6 percent to $549.8 million, and in the Free People division they grew by 18.2 percent to $331.8 million.
The Nuuly division, in which the group’s fashion rental service and second-hand business are managed, achieved an increase in sales of 85.7 percent to 65.5 million US dollars, while the Menus & Venues catering division increased its sales by 26.6 percent to $9.7 million.
Lower freight costs and reduced discounts helped operating profit increase 90.1 percent to $109.0 million. Net income, which was only $37.2 million in the same quarter last year, jumped to $83.0 million (€76.2 million).