Urban Outfitters, Inc. URBN shares are rising after the company reported first-quarter financial results after the bell Tuesday. Here's a look at the details.
The Details: Urban Outfitters reported quarterly earnings of 69 cents per share, which beat the analyst consensus estimate of 52 cents by 32.69%.
Quarterly sales clocked in at $1.2 billion, beating the analyst consensus estimate of $1.175 billion by 2.12% and representing a 7.75% increase over sales of $1.114 billion from the same period last year.
Total retail segment net sales increased 5.8%, with comparable retail segment net sales increasing 4.6%. The company said the increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales.
Comparable retail segment net sales increased 17.1% at Free People and 10.4% at Anthropologie and decreased 13.7% at Urban Outfitters.
Wholesale segment net sales increased 3.4%, driven by a 6.3% increase in Free People wholesale sales due to a jump in sales to department stores and specialty customers, partially offset by a decrease in Urban Outfitters wholesale sales.
Nuuly segment net sales increased by 51.4%, primarily driven by a 45% increase in average active subscribers in the current quarter versus the prior year comparable quarter.
Urban Outfitters said its total inventory decreased by 1.9% year-over-year as of April 30.
“We are pleased to report record first quarter sales and earnings driven by continued strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, CEO of Urban Outfitters.
“Customer demand remains robust for our spring and summer fashion, which bodes well for continued sales growth in Q2.”
Related News: Palo Alto Networks Shares Drop After Q3 Results, In-Line Guidance: The Details
URBN Price Action: According to Benzinga Pro, Urban Outfitters shares are up 8.91% after-hours at $45.00 at the time of publication Tuesday.
Image: Unsplash by Burgess Milner.
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