// URBN, the owner of Urban Outfitters, Anthropologie and Free People sees net sales reach £838m
// Retail segment comparable sales rose due to double-digit growth in retail store sales driven by increased store traffic
Urban Outfitters Inc. has seen a 13.4% increase in total company net sales for the three months ending 30 April 2022, reaching £838 million.
The company’s net sales increased 12%, with comparable retail segment net sales up 11% thanks to increased store traffic, partially offset by mid-single-digit negative digital channel sales.
However, the group’s net income came in at £24 million compared to £42 million in the same period last year, driven by increased inventory costs, supply chain constraints and lower sales.
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By brand, comparable retail segment net sales increased 18% at the Anthropologie Group, 15% at the Free People Group and 1% at Urban Outfitters.
URBN chief executive Richard Hayne said: “We are pleased to announce record Q1 sales driven by an 11 percent retail segment ‘comp’,”
“Unfortunately, the impact of inflation on our costs of doing business more than offset the benefit of record revenues.”
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