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Urban Outfitters record Q2

Staff writer ▼ | August 22, 2013
Urban Outfitters announced record second quarter net income of $76 million for the three months ended July 31, 2013 and net income of $123 million for the six months ended July 31, 2013.
Urban Outfitters
Urban OutfittersUrban Outfitters announced record second quarter net income of $76 million for the three months ended July 31, 2013 and net income of $123 million for the six months ended July 31, 2013.


Earnings per diluted share were $0.51 and $0.83 for the three and six months ended July 31, 2013, respectively.

Total Company net sales for the second quarter of fiscal 2014 increased to a record $759 million or 12% over the same quarter last year. Comparable Retail segment net sales, which include our comparable direct-to-consumer channel, increased 9%.

Comparable Retail segment net sales increased 38% at Free People, 9% at Anthropologie and 5% at Urban Outfitters. Wholesale segment net sales rose 17%.

For the three months ended July 31, 2013, the gross profit rate improved by 169 basis points versus the prior year's comparable period. For the six months ended July 31, 2013, the gross profit rate improved by 148 basis points versus the prior year's comparable period.

As of July 31, 2013, total inventories increased by $24 million, or 8%, on a year-over-year basis. The growth in total inventories is primarily related to the acquisition of inventory to stock new and non-comparable stores. Comparable Retail segment inventories were flat.


 

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