The US retail group Urban Outfitters Inc. set a new sales record in the first quarter of the 2023/24 financial year. Profits also improved significantly. This emerges from an interim report published by the company on Tuesday evening.
In the first quarter, which ended on April 30, group sales were 1.11 billion US dollars (1.03 billion euros), thereby reaching a new record level. Compared to the corresponding period of the previous year, revenues increased by 5.9 percent.
The Anthropologie Group segment, whose sales grew by 12.9 percent to 473.6 million US dollars, and the Free People Group division, which achieved an increase of 11.4 percent to 273.7 million US dollars, were able to increase significantly. The sales of the retail chain Urban Outfitters, however, shrank by 13.7 percent to 308.7 million US dollars.
The Nuuly division, which manages the group’s fashion rental service and second-hand business, more than doubled its quarterly revenue to $51.5 million (+125.3 percent). The catering division Menus & Venues increased its revenues by 2.9 percent to 6.1 million US dollars.
Thanks to lower transport costs and lower discounts in the Anthropologie Group and Free People Group segments, the group was able to improve its results significantly. Operating profit rose by 54.4 percent to 71.4 million US dollars compared to the same quarter last year. The net result even increased by 67.5 percent and reached a level of 52.8 million US dollars (49.0 million euros).