Urban Outfitters, Inc. Reports Q4 Results
Financial News March 03, 2020
PHILADELPHIA, March 03, 2020 (GLOBE NEWSWIRE) -- Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle products and services company which operates a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, Terrain, Urban Outfitters and Nuuly brands and the Food and Beverage division, today announced net income of $20 million and $168 million for the three months and year ended January 31, 2020, respectively. Earnings per diluted share were $0.20 and $1.67 for the three months and year ended January 31, 2020, respectively. For the three months ended January 31, 2020, adjusted net income was $49 million and adjusted earnings per diluted share were $0.50. Adjusted net income and earnings per diluted share for the three months ended January 31, 2020, excludes store and goodwill impairment charges and income tax expense related to valuation allowances attributable to net losses of certain foreign operations. See “Reconciliation of Non-GAAP Financial Measures” included at the end of this release.
Total Company net sales for the three months ended January 31, 2020, increased 3.6% over the same period last year to a record $1.17 billion. Comparable Retail segment net sales increased 4%, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, comparable Retail segment net sales increased 9% at Free People, 6% at the Anthropologie Group and were flat at Urban Outfitters. Total Retail segment net sales increased 4%. Wholesale segment net sales decreased 10% due to a 12% decrease at Free People.
For the year ended January 31, 2020, total Company net sales increased to $4.0 billion, or 0.8%, over the prior year. Comparable Retail segment net sales increased 1%, driven by growth in the digital channel, partially offset by negative retail store sales. Total Retail segment net sales increased 1%. Wholesale segment net sales decreased 6% due to an 8% decrease at Free People.
“I am pleased to announce record fourth quarter sales driven by a 4% Retail segment ‘comp’,” said Richard A. Hayne, Chief Executive Officer. “Positive customer reaction to our early spring assortments bode well for continued ‘comp’ growth in the first quarter,” finished Mr. Hayne.