Urban Outfitters, Inc, the owner of youth brands Urban Outfitters, Anthropologie and Free People, has announced a total sales rise of 11 per cent to $676 million (£428 million) for the quarter ended July 31st 2012 in its Q2 financial results released late yesterday.
Like-for-like (LFL) retail sales, which include the retailer’s websites and catalogs or direct-to-consumer channels, increased four per cent over the period while LFL store sells fell one per cent. At fashion retailer Urban Outfitters, retail LFLs rose by six per cent while sales at Anthropologie remained flat for the quarter.
Direct-to-consumer sales jumped 22 per cent while its wholesale division saw a 17 per cent total sales rise.
“I am excited and gratified that our team produced record second quarter sales and profits while reducing ‘comp’ store inventories,” said Urban Outfitters Inc CEO Richard A. Hayne.
“As we head into the second half of the year we plan for gradual year over year improvement in our business along with further tightening of our store inventories.”
Urban Outfitters, which focuses strongly on the in-store experience and last year featured a live DJ who toured its UK stores up and down the country in a bid to increase footfall, has 207 stores across the US, Canada and Europe while Anthropologie has 173.
During the six months ended July 31st 2012, the group opened 28 new stores including 10 Urban Outfitters stores and six Anthropologie units.
Performing ahead of investors’ expectations, Urban Outfitters shares closed at $36.55 in extended trading, according to Reuters, who noted that the group’s shares have risen 13 per cent this year.