Urban Outfitters Reports Record Q1 Sales

PHILADELPHIA, PA, May 18, 2016 - Urban Outfitters, Inc. (NASDAQ:URBN), a portfolio of global consumer brands comprised of Anthropologie, BHLDN, Free People, Terrain, Urban Outfitters and Vetri Family brands, today announced net income of $30 million for the three months ended April 30, 2016. Earnings per diluted share were $0.25 for the three months ended April 30, 2016.

Total Company net sales for the first quarter of fiscal 2017 increased 3% over the same quarter last year to a record $763 million. Comparable Retail segment net sales, which include our comparable direct-to-consumer channel, increased 1%, which includes the benefit of a leap year. Comparable Retail segment net sales increased 2% at Urban Outfitters, were flat at the Anthropologie Group and decreased 2% at Free People. Wholesale segment net sales increased 16%.

"We are pleased to announce record first quarter sales and improved gross profit margins," said Richard A. Hayne, Chief Executive Officer. "These results were driven by more compelling product assortments, improved inventory management and stronger marketing," finished Mr. Hayne.

Read the full news release here.