US: Urban Outfitters Q2 profit up 8%
- Q2 net profit up 8% to US$61.3m
- Net sales up 11% to $676m
- Comparable sales up 4%, but store comps down 1%
Fashion retailer Urban Outfitters recorded an 8% increase in net profit in the three months to 31 July, boosted by a strong increase in direct to consumer sales.
The US company said sales had risen by 11% in the second quarter, with total comparable sales up 4%, but comparable store sales edging down 1%.
Urban Outfitters’ Free People retail chain posted a comps increase of 12%, and Urban Outfitters was up 6%, but Anthropologie was flat.
Meanwhile, direct to consumer sales increased by 22% and wholesale revenues were up 17%.
Company CEO Richard Hayne said he was delighted with the results and added: “As we head into the second half of the year, we plan for gradual year-over-year improvement in our business, along with further tightening of our store inventories.”
From toxic T-shirts to virtual fitting rooms, defamatory garments and compostable shoes, the clothing and textiles industry in 2012 was anything but dull....
Faced with continuing challenging trading conditions in 2012, retailers responded with a number of different strategies to try to grow their businesses. International expansion, new and larger format ...
US fashion retailer Urban Outfitters has booked a 17% increase in fourth-quarter sales on the back of new store growth and improved merchandise....
US fashion retailer Urban Outfitters has reported a 15% rise in holiday sales thanks to gains across all of its brands, along with improved inventory management....
- Li & Fung: China consumption to bring major change
- INTERVIEW: Crystal CEO rises to the challenges
- Innovation and e-commerce key to Nike's growth
- Pacific Crystal Textiles gears up for production
- Opinion divided on China cotton import cuts
- Addressing anaemia key to Cambodia productivity
- Chinese firm to invest in Ethiopian textile plant
- Textile value chain making Africa more competitive
- Activists slam dismissals at Sri Lanka shoe firm
- Columbia Sportswear hires global manufacturing VP