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Urban Outfitters Reports Record 4th Quarter Operating Profit

Stocks in this article: URBN

PHILADELPHIA, March 7, 2011 (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 $75 million and $273 million for the fourth quarter and year ended January 31, 2011, respectively. Earnings per diluted share were $0.45 for the quarter and $1.60 for the year.

Total Company net sales rose by 14% over the same quarter last year to $668 million. Comparable retail segment net sales, which include our direct-to-consumer channels, improved 4% for the quarter while comparable store net sales decreased 2% for the quarter. Comparable retail segment net sales at Anthropologie, Free People and Urban Outfitters increased 1%, 28%, and 5% respectively for the quarter. Direct-to-consumer comparable net sales soared 28% and wholesale segment net sales rose 31% for the quarter.

"I am pleased to announce record sales and operating profits for the quarter, as well as our second highest operating margin rate for the fourth quarter and year," said Glen T. Senk, Chief Executive Officer. "It was another year of strong performance as we delivered 17% sales growth, 22% operating income growth, and executed our long standing goal of growing profits faster than sales," finished Mr. Senk.

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

   Three Months Ended January 31 Twelve Months Ended January 31
Net sales by brand 2011 2010 2011 2010
Urban Outfitters $321,772 $284,068 $1,041,502 $917,223
Anthropologie 283,418 257,759 1,011,999 842,374
Free People 58,941 43,589 202,493 163,634
Other 4,259 3,077 18,108 14,584
Total Company $668,390 $588,493 $2,274,102 $1,937,815
Net sales by channel        
Retail Stores $492,381 $452,774 $1,720,002 $1,509,994
Direct-to-consumer 145,282 112,231 433,790 323,739
Retail Segment 637,663 565,005 2,153,792 1,833,733
Wholesale Segment 30,727 23,488 120,310 104,082
Total Company $668,390 $588,493 $2,274,102 $1,937,815

For the fourth quarter ended January 31, 2011, gross profit margin percentage declined by 208 basis points versus the prior year's comparable period. This decrease was primarily due to increased merchandise markdowns to clear seasonal inventory associated with changing women's apparel fashion trends, along with higher shipping costs associated with increased penetration of international direct-to-consumer business.

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