Urban Outfitters Reports Q4 Earnings Jump 50 Percent Thursday March 6, 6:00 am ET
PHILADELPHIA, March 6, 2008 (PRIME NEWSWIRE) -- Urban Outfitters, Inc. (NasdaqGS:URBN - News), a leading lifestyle specialty retail company operating under the Anthropologie, Free People and Urban Outfitters brands, today announced record earnings of $53.6 million and $160.2 million for the quarter and year ended January 31, 2008, respectively. Earnings per diluted share were $0.32 for the quarter and $0.94 for the year.
As stated in the Company's previous sales release on February 7, 2008, net sales surged 29% in the quarter 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 increased by 39%, reflecting exceptional growth across all brands. Free People Wholesale also delivered an excellent performance for the quarter with sales increasing by a robust 34%. Total Company sales for the year ended January 31, 2008 increased by 23%, to a record $1.5 billion.
``We continued our string of record-breaking quarters this year as earnings grew 50% during the fourth quarter,'' said Glen T. Senk, Chief Executive Officer. ``All brands and channels produced positive 'comp' period sales results which helped drive an outstanding 388 basis point improvement in operating margin for the quarter.'' Mr. Senk added, ``During the year we opened 38 new stores and delivered exceptional sales and earnings growth in both our direct and wholesale channels. Despite the challenging retail environment, we remain optimistic for the spring season based on the positive feedback to our fashion assortment thus far this year.''