Urban Outfitters reports record sales
Philadelphia -- Urban Outfitters reported Thursday that sales for the fourth quarter, ended Jan. 31, rose 9% to $731 million.
Comparable retail segment net sales, which include the direct-to-consumer channels, increased 2% for the quarter, while comparable store net sales decreased 1% for the quarter. Direct-to-consumer comparable net sales increased 14% and wholesale segment net sales rose 3% for the quarter.
For the year ended January 31, 2012, total net sales increased to $2.5 billion.
“While each brand reported record sales for the fourth quarter, we are most pleased with the progress the teams made on reducing overall inventory levels. Promotional activity was significantly higher than planned but ending inventories were clean, and on a comparable store basis, lower than the prior year," said Richard Hayne, CEO. "The direct-to-consumer channel remains a highlight with each brand experiencing strong growth during the quarter. We remain especially excited about the opportunities surrounding this channel."
During the year, the company opened 57 new stores, including 21 Urban Outfitters, 15 Anthropologie stores, 20 Free People stores and 1 BHLDN store.