US: Urban Outfitters upbeat despite Q1 profit dip
- Q1 profit down 27% to US$39m
- Net sales up 9% to $524m
- CEO anticipates gradual improvements this year
Retailer Urban Outfitters recorded a 27% cut to first quarter profits, but voiced confidence in the company’s future after rises in direct-to-consumer and wholesale revenues.
Overall comparable retail segment sales, which include direct-to-consumer channels, edged down 1% in the three months to 30 April, while pure retail comps fell 5%.
The US company’s Free People outlets posted a comps increase of 30% and its eponymous Urban Outfitters brand was up 1%, but Anthropologie fell 6% on the quarter.
Meanwhile, direct-to-consumer comps were up 15% and wholesale revenues increased 22%.
“I am confident that we are on the right course to bring our business back to its high standards,” said Urban Outfitters CEO Glen Senk.
“I am encouraged by the progress each of the brands have made and anticipate improvements to occur gradually during the balance of this fiscal year.”
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