Wednesday, November 20, 2019

Urban Outfitters’ Q3 profit falls amid ongoing problems at namesake brand

Chain Store Age
Urban Outfitters’ reported a steep decline in the third quarter even as its total sales rose.

Sales rose 1.4% to $987 million, less than the $1 billion analysts were expecting. The increase was helped by the company’s latest initiative, rental subscription service, Nuuly, which launched last summer.

Same-store sales increased 3%, driven by growth in the digital channel, partially offset by negative retail store sales. By brand, comp net sales increased 9% at Free People, 4% at the Anthropologie Group and were flat at Urban Outfitters. . . . more