Urban Outfitters 2Q Profit Jumps 79%
Philadelphia Urban Outfitters Inc. posted a 79% jump in quarterly profit, driven by strong same-store sales across all its branded stores and fewer markdowns that boosted gross-profit margins.
The specialty retailer reported net income of $57.0 million for the second quarter ended July 31, compared with $31.9 million a year earlier.
Urban Outfitters said net sales rose 30% to $454.3 million, while same-store sales grew 13% during the quarter, with sales at the company's namesake stores rose 19%.
Same-store sales at Anthropologie rose 7%, while same-store sales jumped 10% at Free People stores.