Urban Outfitters reports Q2 FY20 sales of $803 mn
Urban Outfitters (URBN), a US-based lifestyle products and services company, reported 16.5 per cent sales decline to $803.2 million in its second quarter (Q2) for fiscal 2020 ended on July 31, 2020 compared to sales of $962.3 million in the same period for previous fiscal. Company’s net income during Q2 FY20 dropped to $34.4 million (Q2 FY19: $60.3 million).
“I’m pleased to announce URBN produced solid revenues and profits for the second quarter driven by strength in the digital channel,” Richard Hayne, chief executive officer at URBN, said in a press release. “Notably, all brands were profitable and enter the fall selling season with lean inventories and positive momentum.”
Gross profit for the reported quarter fell to $238.0 million ($315.8 million). Selling, general and administrative expenses were $168.6 million ($237.8 million). Company’s income from operations was $69.4 million ($78.0 million).
Anthropologie Group sales dropped to $295.1 million ($394.2 million). Urban Outfitters brand sales were slightly down to $323.8 million ($355.0 million). Free People brand slipped to $178.0 million ($205.9 million).
Retail segment sales decreased during Q2 FY20 to $757.4 million ($878.6 million). Wholesale segment sales plunged to $41.1 million ($83.6 million).