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Urban Outfitters Sees Record First Quarter

PHILADELPHIA--(BUSINESS WIRE)--April 26, 2004--Urban Outfitters, Inc. (NASDAQ:URBN), a leading lifestyle consumer products company operating under the Anthropologie, Urban Outfitters and Free People brands, announced this morning that representatives of the Company plan to present the following information at an investor conference later today. This release is being made in compliance with Regulation FD of the Securities and Exchange Act.

The Company's quarter-to-date comparable store sales continue to significantly exceed the sales plan set at the beginning of the year. 'Comps' for the First Quarter that ends April 30, 2004 will very likely exceed the 21% comparable store sales gain the Company achieved in the Fourth Quarter of FY2004.

The Company's Direct-to-Consumer and Wholesale businesses also continue to produce excellent year-over-year sales results. With strong sales gains and the continuing margin strength produced by all of our Brands, the Company now expects that its earnings per share for the First Quarter will more than double the earnings per share in the prior year's First Quarter.

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 release 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.