Urban Outfitters, Inc. net sales for the two months ended December 31, 2022 increased 2.3 percent compared to the same period ended December 31, 2021.
Total retail segment net sales increased 1 percent, with comparable retail segment net sales increasing 2 percent, partially offset by a 1 percent negative impact of foreign currency translation.
For the eleven months, total company net sales increased 5.1 percent compared to the same period last year.
Highlights of Urban Outfitters’ financial results
The company said in a statement that increase in retail segment comparable net sales was driven by low single-digit positive growth in digital channel sales and low single-digit positive growth in retail store sales.
By brand, comparable retail segment net sales increased 15 percent at the Free People Group and 7 percent at the Anthropologie Group and decreased 10 percent at Urban Outfitters.
Wholesale segment net sales decreased 22 percent driven by a decrease in Free People wholesale sales primarily due to a decrease in sales to department stores.
Nuuly segment sales increased 150 percent due to a 153 percent increase in subscribers during the two months period.
Review of Urban Outfitters’ eleven months performance
Comparable retail segment net sales increased 4 percent, driven by high single-digit positive growth in retail store sales due to increased store traffic and low single-digit positive growth in digital channel sales.
The company added that wholesale segment net sales decreased 3 percent, primarily driven by a decrease in Free People Group wholesale sales primarily due to a decrease in sales to department stores, partially offset by an increase in sales to specialty accounts.
Nuuly segment sales increased 176 percent due to a 187 percent increase in subscribers during the eleven months period under review.
During the eleven months, the company opened a total of 33 new retail locations including 19 Free People Group stores (including seven FP Movement stores), seven Urban Outfitters stores, six Anthropologie Group stores and one Menus & Venues restaurant and closed seven retail locations including three Urban Outfitters stores, three Anthropologie Group stores, and one Free People Group store. During the eleven months, four Urban Outfitters franchisee-owned stores and one Anthropologie Group franchisee-owned store were opened.