Urban Outfitters (URBN), a US-based lifestyle retail company, has reported 57.6 per cent sales increase to $927.4 million in its first quarter (Q1) FY22 ended on April 30, 2021, compared to sales of $588.5 million in the corresponding period of previous fiscal. The company’s net income during the quarter rose to $53.5 million (Q1 FY21: loss $138.4 million).
Urban Outfitters (URBN), a US-based lifestyle retail company, has reported 57.6 per cent sales increase to $927.4 million in its first quarter (Q1) FY22 ended on April 30, 2021 compared to sales of $588.5 million in the corresponding period of previous fiscal. The company's net income during the quarter rose to $53.5 million (Q1 FY21: loss $138.4 million).#
“The first quarter was one for the record books; record sales, a record low markdown rate, and record earnings per share,” Richard A Hayne, chief executive officer at Urban Outfitters, said in a press release. “Strong ‘comps’ were driven by powerful demand and superb execution by all teams.”
Urban Outfitters (URBN), a US-based lifestyle retail company, has reported 57.6 per cent sales increase to $927.4 million in its first quarter (Q1) FY22 ended on April 30, 2021 compared to sales of $588.5 million in the corresponding period of previous fiscal. The company's net income during the quarter rose to $53.5 million (Q1 FY21: loss $138.4 million).#
Gross profit for Q1 FY22 was $300.6 million ($11.8 million), while selling, general and administrative expenses were $227.1 million ($210.6 million). The company’s income from operations increased to $73.5 million (loss: $198.7 million).
Urban Outfitters (URBN), a US-based lifestyle retail company, has reported 57.6 per cent sales increase to $927.4 million in its first quarter (Q1) FY22 ended on April 30, 2021 compared to sales of $588.5 million in the corresponding period of previous fiscal. The company's net income during the quarter rose to $53.5 million (Q1 FY21: loss $138.4 million).#
The sales or every URBN brand for the quarter grew: Urban Outfitters $349.7 million ($237.3 million), Anthropologie Group $353.6 million ($234.0 million), Free People Group $212.7 million ($107.6 million), Nuuly $7.8 million ($6.3 million), and Menus & Venues $3.6 million ($3.1 million).
Urban Outfitters (URBN), a US-based lifestyle retail company, has reported 57.6 per cent sales increase to $927.4 million in its first quarter (Q1) FY22 ended on April 30, 2021 compared to sales of $588.5 million in the corresponding period of previous fiscal. The company's net income during the quarter rose to $53.5 million (Q1 FY21: loss $138.4 million).#
“In May, sales trends have accelerated further which we believe bodes well for second quarter results,” Hayne concluded.
ALCHEMPro News Desk (JL)
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