Urban Outfitters reports holiday sales increased 10%

Urban Outfitters announced net sales for the two and eleven months ended December 31, 2023. Total company net sales for the two months ended December 31, 2023, increased 10% compared to the two months ended December 31, 2022. Total Retail segment net sales increased 8%, with comparable retail segment net sales increasing 6%. The increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales. Comparable retail segment net sales increased 20% at Free People and 14% at Anthropologie and decreased 13% at Urban Outfitters. Wholesale segment net sales increased 15% driven by an increase in Free People wholesale sales primarily due to increases in sales to department stores and specialty accounts, partially offset by a decrease in Urban Outfitters wholesale sales. Nuuly segment net sales increased 71% primarily driven by a 58% increase in our subscribers versus the end of the prior year’s comparable period. For the eleven months ended December 31, 2023, total company net sales increased 8% compared to the eleven months ended December 31, 2022. Total retail segment net sales increased 6%, with comparable retail segment net sales increasing 5%. The increase in retail segment comparable net sales was driven by high single-digit positive growth in digital channel sales and mid single-digit positive growth in retail store sales. Wholesale segment net sales decreased 4%, driven by a decrease in Free People wholesale sales primarily due to a decrease in sales to department stores. Nuuly segment net sales increased 92% primarily driven by a 58% increase in our subscribers versus the end of the prior year’s comparable period. On a personnel note, the company announced Shea Jensen will be joining Urban as president of Urban Outfitters Brand, North America as of February 5. In this role, Shea will oversee merchandising, marketing, digital and retail operations for the Urban Outfitters brand in North America.