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Urban Outfitters Reports Q3 Earnings Increase 17%

PHILADELPHIA, Nov. 15, 2010 (GLOBE NEWSWIRE) -- Urban Outfitters, Inc. (Nasdaq:URBN), a leading lifestyle specialty retail company operating under the Anthropologie, Free People, Leifsdottir, Terrain and Urban Outfitters brands today announced earnings of $73 million and $198 million for the three and nine months ended October 31, 2010, respectively. Earnings per diluted share were $0.43 for the quarter and $1.16 for the nine months ended October 31, 2010.

Total Company net sales rose by 13% over the same quarter last year to $574 million. Comparable retail segment net sales, which include our direct-to-consumer channels, improved 6% for the quarter while comparable store net sales grew 1% for the quarter. Comparable retail segment net sales at Anthropologie, Free People and Urban Outfitters increased 5%, 29%, and 5%, respectively for the quarter. Direct-to-consumer comparable net sales soared 31% and wholesale segment net sales rose 13% for the quarter.

"We are proud to deliver record third quarter sales and earnings results," said Glen T. Senk, Chief Executive Officer.  "In a dynamic environment, the consistency of our performance is a reflection of our team's discipline, creativity, and skill," finished Mr. Senk.

Net sales by brand and channel for the three and nine months were as follows:

   Three Months Ended October 31 Nine Months Ended October 31
Net sales by brand 2010 2009 2010 2009
Urban Outfitters $265,993 $240,473 $719,730 $633,155
Anthropologie 247,549 216,270 728,581 584,615
Free People 56,108 45,084 143,552 120,045
Other 3,942 4,073 13,849 11,507
Total Company $573,592 $505,900 $1,605,712 $1,349,322
         
Net sales by channel        
Retail Stores $433,425 $395,635 $1,227,621 $1,057,220
Direct-to-consumer 105,670 79,772 288,508 211,508
Retail Segment 539,095 475,407 1,516,129 1,268,728
Wholesale Segment 34,497 30,493 89,583 80,594
Total Company $573,592 $505,900 $1,605,712 $1,349,322

For the three months ended October 31, 2010, gross profit margin declined by 39 basis points versus the prior year's comparable period. This decrease was primarily due to higher shipping costs associated with an increased penetration of international direct-to-consumer business as well as the impact of pre-opening occupancy expense due to the timing of store openings. During the quarter merchandise margins were flat to the prior year comparable period. For the nine months ended October 31, 2010, gross profit margin improved by 176 basis points versus the prior year's comparable period. The increase for the nine month period was primarily due to improved merchandise margins and leveraging of store occupancy expense driven by positive comparable store sales.

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