For the three months, gross profit margins decreased by 636 basis points versus the prior year's comparable quarter. The two factors impacting this decline were the increase in markdowns to clear seasonal merchandise and the increase in store occupancy rates, as a percentage of net sales, compared to the comparable quarter last year as a result of the reduction in 'comp' sales.
Thus far this fiscal year, the company has opened five new Urban Outfitters stores and three new Anthropologie stores, including its newest store at Rockefeller Center in New York. It plans to open an additional 27 to 30 stores during the remainder of the fiscal year.
Urban Outfitters Inc is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 95 Urban Outfitters stores in the US, Canada, and Europe; an Urban Outfitters catalog and web site; 82 Anthropologie stores in the United States; an Anthropologie catalog and web site; and Free People, the company's wholesale division, which sells its product to approx. 1,500 specialty stores, department stores and catalogs, as well as through six Free People stores, a web site and a catalog.
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