Urban Outfitters returns to profit as UK sales grow

470

Urban Outfitters has successfully returned to profit as UK sales across both of its brands grew by double digits.

In the year to January 2018, the fashion retailer saw group sales, including its eponymous brand and Anthropologie fascia, rise 10 per cent to £206 million.

Meanwhile, it posted profits of £5.9 million in the same period, up from a £2.7 million loss a year earlier.

It attributed its growth in the UK to growth in its store estate, now trading from around 40 stores, with plans to further expand its presence across the country and Europe over the coming year.

A strong online performance was also cited as a driver of growth, having increased the number of ranges online throughout the period.

Although the retailers stock price currently stands at around $37 per share, up 3.3 per cent from $35.8 in January, it has fallen sharply since peaking in August at $47 following record quarterly sales.

Click here to sign up to Retail Gazette‘s free daily email newsletter