Urban Outfitters increases its revenue by 5.1% in the first eleven months of the year

Thank you for reading this post, don't forget to subscribe!

Urban Outfitters celebrates. The American fashion distribution group increased its sales by 5.1% in the first eleven months of 2022driven by the recovery of retail traffic, as indicated by the company through a statement.

Retail sales by like-for-like area rose 4%, while revenue in the channel wholesale were down 3%, mainly due to the poor performance of Free People “due to a drop in traffic at department stores,” Urban Outfitters has justified. Nuuly, meanwhile, shot up its sales by 176% in wholesale compared to the same period of 2021.

In the first eleven months of 2022, the company opened 33 stores: 19 from Free People, seven from Urban Outfitters, six from Anthropologie and one from Menus&Venues, the American group’s food chain. Also, the company opened four Urban Outfitters locations and one Anthropologie location through franchisees.

The American group raised its sales by 2.3% during the Christmas campaign, in the two months up to December 31. The fastest growing chains were Free People and Athropologie, while Urban Outfitters weighed on the results.

The company increased its income by 2% through its own stores. By chains, Free People grew 15% compared to the 2021 Christmas campaign, Anthropologie increased its sales by 7% and the Urban Outfitters chain reduced its turnover by 10%.

In wholesalethe fashion distribution group Its sales plummeted 22%, weighed down by Free People and its poor performance in department stores. Nuuly, for its part, shot up its turnover by 150% during the Christmas season.

The US group’s store network includes 265 Urban Outfitters stores, 241 Anthropologie stores, 191 Free People stores, six Urban Outfitters franchisees and two Anthropologie franchisees in the United States, Canada and Europe (adding online stores), in addition to its Menus&Venues chain.

The last December, Francis Pierrel, president of Urban Outfitters for just eleven months, left his position at the company. Pierrel joined the fashion distribution company in February 2022 after serving as Club Monaco’s Brand President and CEO for five years.

Urban Outfitters billed 3,410.7 million dollars in the first nine months of the current fiscal year (period ended October 31), which represents a growth of 6%. The group’s profit was cut in half, to 128.2 million dollars, and its stock level increased by 18.6% due to “the rise in costs, the advance of purchases and the fall in demand”, argued the company.

Related Articles

Back to top button