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Urban Outfitters Sees Same-Store Sales Dip

While fourth-quarter comp sales are down, total sales are up.

Urban Outfitters

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posted a drop in fourth-quarter same-store sales. However, total sales in the quarter increased 13% to $360.8 million.

The apparel retailer on Tuesday said same-store sales, or sales at stores open for at least one year, slipped 5%, compared with an 8% increase a year ago. Same-store sales fell 4% at the Philadelphia-based company's Urban Outfitters stores and 7% at its Anthropolgie stores. Comp sales were up 4% at Free People stores.

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"Sales continue along the trend established during the Holiday period, with our Urban Europe, Direct-to-Consumer and Free People channels exceeding, and our Urban NA and Anthropologie brands falling short of their plans,'' Richard Hayne, chairman and president, said in a statement. "Entering the new year with leaner and fresher inventory relative to last year, we believe we have opportunity to improve both sales and operating margin performance in the first quarter.''

Sales for the year ended Jan. 31 increased 12% to $1.22 billion. Total comp store sales for the period decreased by 6%, compared with an 11% increase last year.

Shares were down 3 cents, or 0.1%, at $25 in midday trading.