Philadelphia-based Urban Outfitters, Inc., a leading lifestyle specialty retail company, reported flat sales in its fourth quarter of just over $1 billion, doing in part to under-performing apparel sales. The company operates stores under the Anthropologie, Bhldn, Free People, Terrain and Urban Outfitters brands.
On a positive note, for the fiscal year ended January 31, 2016, total company net sales increased to $3.4 billion, a 4% gain over the prior year. The company also recorded net income of $73 million and $224 million for the three months and year ended January 31, 2016, respectively. Earnings per diluted share were $0.61 and $1.78 for the fourth quarter and fiscal year, respectively.
“While apparel sales under-performed during the fourth quarter, I am pleased with the merchandise margin improvement delivered by the brands,” said CEO Richard A. Hayne. “Additionally, our expansion categories performed above our expectations and continue to give us confidence in our future growth opportunities.”
During the year ended January 31, 2016, the Company opened a total of 31 new stores including 14 Anthropologie Group stores, 13 Free People stores, and four Urban Outfitters stores, and also closed five stores.