Urban Outfitters announces disappointing holiday sales, group CEO departure

Urban Outfitters, Inc. reported total company net sales for the two months ended December 31, 2020, decreased 8.4 percent over the same period last year, while comparable retail segment net sales decreased 9 percent due to negative retail store net sales. The company said in a statement that stronger conversion rates could not offset the reduced store traffic as a result of the coronavirus pandemic and related restrictions. Lower store net sales were partially offset by strong double-digit growth in digital channel sales. By brand, comparable retail segment net sales increased 1 percent at Free People and decreased 8 percent at Urban Outfitters and 12 percent at the Anthropologie Group, while wholesale segment net sales decreased 1 percent.