Urban Outfitters reports Q3 EPS 88c, consensus 82c

Reports Q3 revenue $1.28B, consensus $1.26B. The company said, “Total Company net sales for the three months ended October 31, 2023, increased 9.0% to a record $1.28 billion. Total Retail segment net sales increased 7.3%, with comparable Retail segment net sales increasing 5.6%. 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. Comparable Retail segment net sales increased 22.5% at Free People and 13.2% at Anthropologie and decreased 14.2% at Urban Outfitters. Wholesale segment net sales decreased 3.6% driven by a 3.5% decrease in Free People wholesale sales due to a decrease in sales to department stores and close out account partners. Nuuly segment net sales increased by $30.2 million primarily driven by a 68% increase in our subscribers versus the end of the prior year’s comparable quarter.” “We are proud to report record third quarter sales that helped drive a 120% increase in EPS,” said Richard A. Hayne, CEO. “As we enter the holiday season the consumer continues to react positively to our assortments and marketing campaigns at four out of five of our brands which leaves us confident we can continue to drive revenue and earnings growth in the fourth quarter,” finished Hayne.