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Urban Outfitters Q1 'Comp' Store Sales Jump by 32%

PHILADELPHIA--(BUSINESS WIRE)--May 6, 2004--Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle consumer products company operating under the Anthropologie, Free People and Urban Outfitters brands, today announced sales for the three months ended April 30, 2004.

Total Company sales for the first quarter climbed by 59%, over the same period last year, to $170.3 million and easily set a new Company first quarter record. This sharp increase was driven by:

  • a 32% jump in total Company comparable store sales
  • a 24% increase in the number of stores in operation resulting in new and noncomparable store sales gains of $22.1 million
  • a 95% surge in direct-to-consumer sales; and
  • a 47% rise in wholesale sales

The Company achieved a 32% comparable store sales gain this year on top of a 2% increase last year. Detailed by brand, comparable sales at our Anthropologie, Free People and Urban Outfitters stores rose by 32%, 54% and 33%, respectively.

"Our first quarter sales were simply extraordinary," said Richard A. Hayne, Chairman and President, adding that "customer response to our product offerings excelled throughout the quarter, across all brands and distribution channels, in all regions of the country, and among all merchandise categories."

Net sales for the three months were as follows:

                                               Three months ended
                                                     April 30,
                                                2004         2003
                                           --------------- -----------
                                                  (in thousands)
Urban Outfitters store sales                      $78,566     $52,109
Anthropologie store sales                          66,574      40,954
Direct-to-consumer sales                           18,601       9,527
Free People sales                                   6,549       4,438
                                           --------------- -----------
     Total net sales                             $170,290    $107,028
                                           =============== ===========

Management expects to release the Company's financial and operating results for the three-month period ended April 30, 2004 on May 13, 2004.

Urban Outfitters, Inc. is an innovative specialty retailer and wholesaler which offers a variety of lifestyle merchandise to highly defined customer niches through 62 Urban Retail stores in the United States, Canada, and Europe; an Urban catalog and web site (www.urbn.com); 52 Anthropologie stores in the United States; an Anthropologie catalog and web site (www.anthropologie.com); and Free People, the Company's wholesale division, which sells its product to approximately 1,100 specialty stores, department stores and catalogs, as well as through one Free People store.

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.

Urban Outfitters, Inc.
John E. Kyees, 215-564-2313

SOURCE: Urban Outfitters, Inc.