Urban Outfitters beats on strength of Anthropologie, Free People

Urban Outfitters beats on strength of Anthropologie, Free People

By

Bloomberg

Published



May 22, 2024

Apparel retailer Urban Outfitters Inc. reported first-quarter sales that beat Wall Street’s estimates, with the company’s Anthropologie and Free People brands driving momentum.

Free People

Comparable sales — a key gauge of retail performance — rose 4.6% in the company’s retail segment, outpacing the average estimate from analysts. Revenue rose 7.8% from a year earlier to $1.2 billion, in line with estimates.

The Free People and Anthropologie brands, both of which have gained a visible presence on social media in recent years, both posted higher-than-expected sales in the fiscal quarter ended April 30. Those brands’ performance offset weakness at the namesake Urban Outfitters brand, where sales declined 12%.

The company said that digital sales, including online and mobile platforms, drove the advance in comparable sales.

Urban Outfitters shares jumped 8.2% at 4:29 p.m. in New York in extended trading. The stock has gained 16% so far this year through Tuesday’s close, outperforming the 12% advance of the Nasdaq Composite Index.

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