Free People continues to show its strength in Urban Outfitters’ portfolio.
The retailer — which counts Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn among its brands, in addition to rental subscription service Nuuly and a food and beverage business under the greater company umbrella — revealed quarterly and full-year sales results Tuesday afternoon, falling short at the Urban Outfitters and Anthropologie brands, but growing the Free People and Nuuly businesses.
“I am pleased to report that all three brands registered nice improvement in comp sales trends in January from what was delivered during the holiday period,” Richard A. Hayne, chief executive officer of Urban Outfitters Inc., said in a statement. “We are particularly pleased with how well the brands transitioned into February. Customer reaction to our spring assortments has been quite strong and comps for the first week of the new fiscal year were positive at each brand.”
Total revenues for the three-month period ending Jan. 31 were $1.08 billion, down from $1.17 billion the same time last year. By brand, revenues at Urban Outfitters and Anthropologie fell during the quarter, 6 and 11 percent, respectively. Urban Outfitters logged $428 million for the quarter, down from nearly $450 million the same time last year, while Anthropologie registered $431 million in sales, compared with $491 million a year ago. Revenues at Free People increased 6 percent to $219 million, up from more than $215 million last year. Nuuly also registered $6.6 million for the quarter, up from $5.9 million a year earlier. The subscription business was also the fastest-growing segment throughout the quarter, compared with the retail and wholesale divisions.
Meanwhile, reduced store traffic and occupancy restrictions amid the pandemic caused comparable retail segment net sales to fall 7 percent during the quarter. Strong double-digit growth in the digital channel sales, however, helped offset losses.
Still, for the year, the retailer’s revenues slipped to $3.45 billion, down from nearly $4 billion during 2020’s fiscal year. Urban Outfitters said it plans to release quarterly profit results on March 2.
The company ended the quarter with 633 company-owned stores, or 247 Urban Outfitters, 237 Anthropologie and 149 Free People locations, in North America and Europe, along with the related e-commerce and catalog businesses.
Shares of Urban Outfitters, which closed down 0.74 percent Tuesday to $29.51, are up nearly 12 percent, year-over-year.