Urban Outfitters Q2 net sales down 2%, CEO disappointedStaff Writer | August 16, 2017
Urban Outfitters announced net income of $50 million and $62 million for the three and six months ended July 31, 2017, respectively.
Urban Outfitters Earnings per diluted share were $0.44
Total company net sales for the second quarter of fiscal 2018 were $873 million, a 2% decrease as compared to the same quarter last year.
Comparable Retail segment net sales, which include the comparable direct-to-consumer channel, decreased 4.9%. By brand, comparable Retail segment net sales increased 2.9% at Free People, but decreased 4.0% at the Anthropologie Group and 7.9% at Urban Outfitters.
The decline in comparable Retail segment net sales was due to negative retail store sales, which was partially offset by continued sales growth in our direct-to-consumer channel. Wholesale segment net sales increased 10%.
"While we are disappointed in our second quarter performance, we have a number of initiatives underway including: speed to customer, international growth, wholesale expansion and digital investments,” said Richard A. Hayne, chief executive officer. ■