Fashion and lifestyle retailer URBN, which owns brands including Urban Outfitters, Anthropologie and Free People, has posted a surge in sales during its second quarter as well as the first half of the financial year.
URBN posted total net sales of $1.27bn (£1bn) for the three months to July 31, 2023, up 7.5% from the same period last year.
The retailer also recorded a 14.1% decrease in sales at Urban Outfitters, while sales at the Free People Group were up 26.9% and 10.6% at Anthropologie during the second quarter.
Gross profit for the period was up 21.6% to $455.6m (£359.4m), up from $374.6m (£295.5m) for the same period in 2022, which it credited due to “initial merchandise markups and lower merchandise markdowns at all three retail segment brands”.
Total retail segment inventory for the quarter decreased by 14.1%, which the company attributed to its improved inventory control and a “more reliable” supply chain across its portfolio.
URBN recorded total company sales of $2.38bn (£1.88bn) for the six months to July 31, while gross profit in the first half of the year was also up 18.5% to reach $826.8m (£652.3m).
The retailer opened 16 new retail locations during the first half of the year including four Urban Outfitters stores, two Anthropologie stores, nine Free People Group stores and a restaurant location.
Urban Outfitters chief executive Richard Hayne said: “We are proud to report record second-quarter sales that helped drive a 72% increase in EPS. Also gratifying is that Q2’s sales strength has continued to date in Q3.”
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