URBN has said that total net sales in its first quarter increased by 12.4% year-on-year to a record $856 million.
Comparable retail segment net sales rose by 10%, driven by strong, double-digit growth in online sales and positive retail store sales. Looking at the different brands, comparable retail segment net sales increased by 15% at Free People, by 10% at the Anthropologie Group and by 8% at Urban Outfitters. Meanwhile, wholesale segment net sales were up 13%.
Richard Hayne, URBN chief executive, said: “We are pleased to report record first quarter sales driven by a 10% increase in comparable Retail segment sales and a 13% increase in wholesale sales, Even more exciting is our 280% jump in first quarter EPS, a result of strong sales, healthy margin improvement, SG&A leverage and a lower tax rate.”
