Urban Outfitters FY sales were boosted by growth in its retail arm. Credit: Shutterstock.

Urban Outfitters Inc booked a 7.5% increase in net sales for the full year (FY) that ended 31 January 2024 to $5.2bn while net income rose from $159.7m to $287.7m.

Operating income increased from $221.2m to $382m a year earlier.

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Total retail segment net sales increased 6.0%, with comparable retail segment net sales increasing 5.0%. The increase in retail segment comparable net sales was driven by mid single-digit positive growth in digital channel sales and mid single-digit positive growth in retail store sales.

Comparable retail segment net sales increased 21.4% at Free People and 12.3% at Anthropologie and decreased 13.8% at Urban Outfitters.

While in its wholesale division, net sales fell 4.6% as a result of department store sale decreases.

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Gross profit increased 21.0% to $1.73bn from $1.43bn as a result of higher initial merchandise markups and lower merchandise markdowns in the retail segment at Anthropologie, Free People and Urban Outfitters. The improvement in initial merchandise markups was primarily driven by lower inbound transportation costs. The increase in adjusted gross profit dollars was due to the improved adjusted gross profit rate and higher adjusted net sales.

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For Q4 (the three months ending 31 January 2024) adjusted net income was $65.7m and adjusted earnings per diluted share were $0.69. Total company net sales increased 7.3% to a record $1.49bn. Operating income increased to $64m from $41.2m in the same prior period. Gross profit increased 16.6% to $434.2m from $372.3m. 

“We are pleased to report record fourth-quarter sales driven by strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, CEO. “Positive customer response to our early spring offerings bodes well for continued sales growth in the first quarter.”

In November the company reported a net sales increase of 9% to a record $1.28bn for its third quarter (Q3) of 2023, mostly driven by digital channel sales.