Urban Outfitters reports record sales year of $5.15 billion

Urban Outfitters Inc. announced on Wednesday net sales for the fiscal year ending January 31, 2024 increased 7.5% reaching a record $5.15 billion, on the back of substantial growth in comparable net sales across its Free People and Anthropologie brands. 

The U.S. apparel firm said the retail segment demonstrated a 6% increase in net sales, with comparable net sales rising by 5%, propelled by digital channel sales and retail store performance.

Comparable retail segment sales increased 21.4% at Free People and 12.3% at Anthropologie and decreased 13.8% at Urban Outfitters. Wholesale segment net sales decreased 4.6% driven by a 4.8% decrease in Free People wholesale sales primarily due to decreases in sales to department stores and closeout account partners.

Nuuly segment net sales increased by $106.2 million, primarily driven by an 82% increase in average active subscribers in the current year versus the prior year period. Net income was $287.7 million and earnings per diluted share were $3.05.

Total company net sales for the fourth quarter also surged to a record $1.49 billion, marking a notable increase of 7.3%. Adjusted net sales reached $1.5 billion, up by 8% compared to the same period last year. 

The retail segment saw a 6.2% increase in net sales, with comparable net sales rising by 4.9%, driven by robust digital channel sales and positive retail store sales. Free People and Anthropologie experienced significant growth in comparable net sales, while Urban Outfitters saw a modest decline.

Net income was $47.8 million and earnings per diluted share hit $0.50.

“We are pleased to report record fourth quarter sales driven by strength at the Anthropologie, Free People, FP Movement and Nuuly brands,” said Richard A. Hayne, chief executive officer. 
“Positive customer response to our early spring offerings bodes well for continued sales growth in the first quarter.”