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.”
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