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Business

Urban Outfitters Q4 sales decline by 6.9 percent

By Prachi Singh

Feb. 10, 2021

Total company net sales at Urban Outfitters, for the three months ended January 31, 2021, decreased 6.9 percent over the same period last year to 1.09 billion dollars. The company said, comparable retail segment net sales decreased 7 percent due to negative retail store net sales as stronger conversion rates could not offset the reduced store traffic caused by the coronavirus pandemic and related occupancy restrictions.

By brand, comparable retail segment net sales increased 6 percent at Free People and decreased 6 percent at Urban Outfitters and 11 percent at the Anthropologie Group. Wholesale segment net sales decreased 7 percent.

“I am pleased to report that all three brands registered nice improvement in ‘comp’ sales trends in January from that delivered during the Holiday period,” said Richard A. Hayne, the company’s Chief Executive Officer in a statement, adding, “Customer reaction to our spring assortments has been quite strong and ‘comps’ for the first week of the new fiscal year were positive at each brand.”

During the year under review, the company opened a total of 20 new retail locations including seven Urban Outfitters stores, seven Anthropologie Group stores and six Free People stores including two FP Movement stores; and closed 10 retail locations including eight Urban Outfitters stores, one Anthropologie Group store and one Free People store. The company also closed six franchisee-owned stores including four Urban Outfitters stores, one Anthropologie Group store and one Free People store.

Picture:Facebook/Free People