- Prachi Singh |
Urban Outfitters, Inc. has announced that total company net sales for the two months ended December 31, 2019, increased 2.9 percent over the same period last year, while comparable retail segment net sales increased 3 percent, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, comparable retail segment net sales increased 8 percent at Free People and 5 percent at the Anthropologie Group and decreased 1 percent at Urban Outfitters. Total Retail segment net sales increased 3 percent.
The company said in a statement that Free People’s retail segment performance was driven by strong, full price sales, as the brand was less promotional during the holiday season. Anthropologie and Urban Outfitters businesses were driven in part by increased promotional activity in apparel, which the company expects to put greater pressure on its fourth quarter gross profit margin than originally anticipated. Wholesale segment net sales decreased 9 percent due to an 11 percent decrease in Free People, which was greater than projected.
Urban Outfitters adds 25 new retail locations
For the eleven months ended December 31, 2019, total company net sales increased 0.5 percent over the same period last year, while comparable retail segment net sales increased 1 percent, driven by growth in the digital channel, partially offset by negative retail store sales. Total retail segment net sales increased 1 percent and wholesale segment net sales decreased 5 percent.
During the eleven months, the company opened a total of 25 new retail locations including: 10 Free People stores, nine Anthropologie Group stores and six Urban Outfitters stores; and closed seven retail locations including: three Anthropologie Group stores, one Free People store, one Urban Outfitters store and two Food and Beverage restaurants. The company also opened two franchisee-owned stores including: one Anthropologie Group store and one Urban Outfitters store.