The American trading group Urban Outfitter Inc. announced the results for the first quarter and reported a significant increase in net profit to $ 108.3 million and the diluted profit per share to $ 1.16. The group of companies, which include brands such as anthropology, Free People, FP Movement, Urban Outfitters and Nuuly, increased its total net sales by $ 1.33 billion.
“We are pleased to announce record sales and profit for the first quarter,” said CEO Richard A. Hayne in a statement. “Our success was carried through positive sales growth and improved profitability of all brands and segments.”
Sales in the retail segment rose by 6.4 percent. The proceeds of the division grew by 4.8 percent on a comparable basis, which was due to positive growth in the middle single -digit range in both inpatient business and in the digital sales channel. Anthropology achieved an increase in comparable net sales by 6.9 percent, Free People grew by 3.1 percent and Urban Outfitter recorded an increase of 2.1 percent.
The net turnover of the fashion rental segment Nuuly increased by 59.5 percent, which was mainly due to an increase in average active subscribers: 52.9 percent inside. Thanks to the strong growth of the Free People (+25.6 percent) brand, the wholesale segment also developed with a net sales increase of 24.2 percent.
In addition to his strong financial performance, Urban Outfitters continued his share buyback program. In the first quarter, the company bought 3.3 million shares back for around $ 152 million and entered it.
The company also expanded its physical presence in the course of the quarter and opened 13 new retail locations. These include nine free-peeple branches (including five FP-Movement branches), two anthropology branches and two urban outfitter branches. At the same time, two Free Peel branches were closed.
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