Urban Outfitters (URBN), a US-based lifestyle products and services company, reported 1.8 per cent sales decline to $969.6 million in its third quarter (Q3) FY20 ended on October 31, 2020 compared to sales of $987.4 million in the same period for previous fiscal. However, company’s net income during Q3 FY20 jumped to $76.7 million (Q3 FY19: $55.6 million).
“I am pleased to announce URBN delivered record Q3 earnings per share in spite of an incredibly difficult operating environment,” Richard A Hayne, chief executive officer at URBN, said in a press release. “Our 38 per cent increase in net profits was driven by strong product assortments combined with tight control of inventory and expenses.”
Gross profit for the reported quarter was $322.9 million ($321.1 million). Selling, general and administrative expenses were $224.4 million ($245.8 million). Company’s income from operations grew to $98.5 million ($75.2 million).
During the reported quarter, sales of Urban Outfitters segment increased to $394.0 million ($374.4 million). Anthropologie Group sales dropped to $358.4 million ($398.7 million). Free People brand sales remained flat at $206.6 million ($205.4 million).
Retail segment sales marginally decreased to $895.6 million ($897.1 million). Wholesale segment sales plunged to $67.2 million ($88.3 million)