Urban Outfitters 11 Percent 'Comp' Fuels 29 Percent Q4 Sales Jump
PHILADELPHIA, Feb. 7, 2008 (PRIME NEWSWIRE) -- Urban Outfitters, Inc. (Nasdaq:URBN), a leading lifestyle specialty retail company operating under the Anthropologie, Free People, and Urban Outfitters brands, today announced sales for the fourth quarter and fiscal year ended January 31, 2008.
Total sales for the fourth quarter jumped by 29% over the comparable quarter last year to a record $465 million. Comparable store ('comp') sales at Anthropologie, Free People and Urban Outfitters rose by 18%, 19% and 6%, respectively, for a combined 11% increase. Direct-to-consumer sales surged by 39%, reflecting strong growth across all brands. Free People Wholesale also delivered an excellent performance for the quarter with sales increasing by a robust 34%.
"We are very pleased with our fourth quarter performance," said Glen T. Senk, Chief Executive Officer. "Record sales across all brands and channels combined with strong 'comps' validate our operating strategies and fashion direction. Moreover, based on each brand's exceptional January sales results, we are confident that our spring fashion assortments resonate with our customers," Mr. Senk added.
Sales for the year ended January 31, 2008 increased by 23%, to a record $1.5 billion. Total comparable store sales for the period increased by 5% versus a 6% decrease last year. Direct-to-consumer sales jumped by 34% and Free People Wholesale sales rose 27%.
Net sales for the periods were as follows: Three months Twelve months ended ended January 31, January 31, 2008 2007 2008 2007 -------- -------- -------- -------- (in thousands) (in thousands) Urban Outfitters store sales $196,625 $161,615 $628,328 $547,847 Anthropologie store sales 165,853 125,424 561,990 439,185 Direct-to-consumer sales 72,920 52,638 205,742 153,712 Free People sales 30,013 21,119 111,664 83,973 -------- -------- ---------- ---------- Total net sales $465,411 $360,796 $1,507,724 $1,224,717 ======== ======== ========== ==========
During Fiscal 2008, the Company opened 16 Urban Outfitters stores, 15 Anthropologie stores and 7 Free People stores or 38 new stores in total. The Company plans to open 45 to 49 new stores, during Fiscal 2009. Management expects to release the Company's Fiscal 2008 financial and operating results on March 6, 2008.
Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 122 Urban Outfitters stores in the United States, Canada, and Europe; a catalog and two Urban Outfitters web sites; 108 Anthropologie stores in the United States; a catalog and web site; and Free People, the Company's wholesale division, which sells its product to approximately 1,500 specialty stores, department stores and catalogs, as well as through 15 Free People stores, a catalog and web site.
This news release is being made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Certain matters contained in this filing may constitute forward-looking statements. Any one, or all, of the following factors could cause actual financial results to differ materially from those financial results mentioned in the forward-looking statements: the difficulty in predicting and responding to shifts in fashion trends, changes in the level of competitive pricing and promotional activity and other industry factors, overall economic and market conditions and the resultant impact on consumer spending patterns, including any effects of terrorist acts or war, availability of suitable retail space for expansion, timing of store openings, seasonal fluctuations in gross sales, the departure of one or more key senior managers, import risks, including potential disruptions and changes in duties, tariffs and quotas and other risks identified in filings with the Securities and Exchange Commission. The Company disclaims any intent or obligation to update forward-looking statements even if experience or future changes make it clear that actual results may differ materially from any projected results expressed or implied therein.CONTACT: Urban Outfitters, Inc.
John Kyees, Chief Financial Officer