Urban Outfitters Reports Strong Financial Growth in Latest Quarter, Net Sales Reach $1.35 Billion

Urban Outfitters, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending July 31, 2024. The company achieved net sales of $1,351.96 million for the three months, marking an increase from $1,272.20 million in the same period last year. For the six months ended July 31, 2024, net sales reached $2,552.69 million, up from $2,385.87 million in the prior year, reflecting a $166.8 million increase.

The gross profit for the three months was $493.29 million, compared to $455.58 million in the previous year, while for the six months, it rose to $901.67 million from $826.81 million. The income from operations for the quarter was $145.14 million, up from $132.10 million, and for the six months, it increased to $219.76 million from $203.48 million. Net income for the three months was $117.49 million, compared to $104.09 million in the prior year, and for the six months, it rose to $179.25 million from $156.91 million.

The company’s total assets increased to $4,258.82 million as of July 31, 2024, from $4,111.21 million at the end of January 2024. Total current assets also rose to $1,473.87 million, up from $1,282.50 million. Cash and cash equivalents were reported at $209.13 million, a slight increase from $178.32 million but a decrease from $224.74 million a year earlier. Marketable securities increased to $352.36 million from $286.74 million in January 2024.

Urban Outfitters operates through three segments: Retail, Nuuly, and Wholesale. The Retail segment, which includes brands like Anthropologie and Free People, accounted for approximately 88.5% of consolidated net sales for the six months ended July 31, 2024. The Nuuly segment, focused on sustainable fashion through a subscription model, saw its net sales increase by 57.2% compared to the previous year.

The company has also been active in share repurchases, acquiring and retiring 355,439 common shares at a cost of $14.98 million during the six months ended July 31, 2024. As of July 31, 2024, Urban Outfitters had $0 in borrowings under its Amended Credit Facility, with outstanding stand-by letters of credit totaling $9.00 million.

Looking ahead, Urban Outfitters plans to open approximately 57 new retail locations and invest in new products and markets, with anticipated capital expenditures of around $210 million for fiscal 2025. The company opened a new Nuuly fulfillment center in Raymore, Missouri, to support subscriber growth.