Urban Outfitters Reports Q2 Results: Strong EPS, Record Quarterly Sales

Author: Erica Kollmann | August 21, 2024 04:58pm

Urban Outfitters, Inc. (NASDAQ:URBN) reported better-than-expected second-quarter financial results after Wednesday's closing bell. Here's a look at the key figures from the quarter.  

The Details: Urban Outfitters reported quarterly earnings of $1.24 per share, which beat the analyst consensus estimate of $1.01 by 22.77%. The company announced record quarterly sales of $1.35 billion, which beat the analyst consensus estimate and represents a 6.13% from the same period last year.

• Total Retail segment net sales increased 3.1%, with comparable Retail segment net sales increasing 2% driven by low single-digit positive growth in both digital channel sales and retail store sales.
• Comparable Retail segment net sales increased 7.1% at Free People and 6.7% at Anthropologie and decreased 9.3% at Urban Outfitters. 
• Nuuly segment net sales increased by 62.6% primarily driven by a 55% increase in average active subscribers in the current quarter versus the prior year quarter. 
• Wholesale segment net sales increased 15.1% driven by a 17.5% increase in Free People wholesale sales due to an increase in sales to department stores and specialty customers, partially offset by a decrease in Urban Outfitters wholesale sales.

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“We are pleased to report record second-quarter sales fueled by strength across all three segments — Retail, Nuuly and Wholesale,” said Richard A. Hayne, CEO of Urban Outfitters. “Equally impressive, four of our five brands delivered record operating profits during the second quarter.” 

URBN Price Action: According to Benzinga Pro, Urban Outfitters shares are down 4.27% after-hours at $39.71 after gaining 3.08% in regular trading Wednesday.

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Photo: Courtesy of Urban Outfitters, Inc.

Posted In: URBN