Urban Outfitters, Inc. (NASDAQ:URBN) released its first-quarter results after Wednesday's closing bell. Here's a look at the details from the report.
The Details: Urban Outfitters reported quarterly earnings of $1.16 per share, which beat the analyst consensus estimate of 82 cents by 41.46%. Quarterly revenue clocked in at $1.33 billion, which beat the Street estimate of $1.28 billion.
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For the first quarter, Urban Outfitters reported:
- Total Retail segment net sales increased 6.4%, with comparable Retail segment net sales increasing 4.8%, driven by mid single-digit positive growth in both retail store sales and digital channel sales.
- Comparable Retail segment net sales increased 6.9% at Anthropologie, 3.1% at Free People and 2.1% at Urban Outfitters.
- Subscription segment net sales increased by 59.5% primarily driven by a 52.9% increase in average active subscribers in the current quarter versus the prior year quarter.
- Wholesale segment net sales increased 24.2% driven by a 25.6% increase in Free People wholesale sales due to an increase in sales to specialty customers and department stores.
“We are excited to announce record first quarter revenues and profits,” said Richard A. Hayne, CEO of Urban Outfitters.
“Our success was driven by positive sales growth and improved profitability across all brands and segments. We believe these results demonstrate the strength of our brands and the effectiveness of our strategy, giving us confidence in URBN’s continued success,” finished Mr. Hayne.
URBN Price Action: According to data from Benzinga Pro, Urban Outfitters stock was up 9.09% at $65.02 after-hours on Wednesday.
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