10-Q - URBAN OUTFITTERS INC (0000912615) (Filer)

Mon, Jun 10, 8:25 PM (89 days ago)

Urban Outfitters, Inc. reported a robust financial performance for the quarter ended April 30, 2024. Net sales increased by $87.1 million to $1.20 billion, driven by a 5.8% rise in Retail segment sales, a 51.4% surge in Nuuly segment sales, and a 3.4% increase in Wholesale segment sales. The Retail segment saw a 4.6% increase in comparable sales, with notable growth in the Free People and Anthropologie brands. Gross profit improved to 34.0% of net sales, up from 33.3% in the prior year, due to higher initial merchandise markups and partially offset by higher markdowns and logistics expenses. SG&A expenses rose by 11.3%, primarily due to increased marketing and store payroll expenses. Operating income was $74.6 million, or 6.2% of net sales. The effective tax rate decreased to 23.6% from 27.1%. Inventory levels decreased by 1.9% year-over-year. The company plans to open 57 new stores in fiscal 2025 and anticipates capital expenditures of approximately $210 million. Urban Outfitters remains well-positioned with strong liquidity, including $773.7 million in cash and marketable securities.