Urban Outfitters, Inc. has reported record first-quarter sales and earnings for the three months ended April 30, 2024. The company's net income was $61.8 million, with record first-quarter earnings per diluted share of $0.65. Adjusted net income for the same period was $65.5 million, with adjusted earnings per diluted share at $0.69, excluding store impairment and lease abandonment charges.
Total company net sales for the three months ended April 30, 2024, increased by 7.8% to a record $1.20 billion. The retail segment net sales increased by 5.8%, with comparable retail segment net sales increasing by 4.6%. The wholesale segment net sales increased by 3.4%, and the nuuly segment net sales increased by 51.4%.
Net sales by brand for the three-month periods were as follows: Anthropologie: $526,385 in 2024, compared to $473,640 in 2023 Free People: $318,691 in 2024, compared to $273,735 in 2023 Urban Outfitters: $270,258 in 2024, compared to $308,708 in 2023 Nuuly: $77,942 in 2024, compared to $51,470 in 2023
The gross profit rate increased by 68 basis points compared to the same period in 2023, and gross profit dollars increased by 10.0% to $408.4 million. Total inventory decreased by $11.3 million, or 1.9%, compared to April 30, 2023, with retail segment inventory decreasing by 2.3%.
Selling, general and administrative expenses increased by $33.9 million, or 11.3%, compared to the three months ended April 30, 2023. The company's effective tax rate for the three months ended April 30, 2024, was 23.6%, compared to 27.1% in the same period in 2023.
During the three months ended April 30, 2024, the company did not repurchase any common shares, and as of April 30, 2024, 19.2 million common shares were remaining under the program.
The company opened a total of 8 new retail locations and closed 4 retail locations during the three months ended April 30, 2024.
Urban Outfitters, Inc. offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The company's brands include 264 Urban Outfitters stores, 238 Anthropologie stores, 199 Free People stores, 9 Menus & Venues restaurants, 7 Urban Outfitters franchisee-owned stores, and 2 Anthropologie franchisee-owned stores as of April 30, 2024. Additionally, the company's Free People, FP Movement, and Urban Outfitters wholesale sell their products through department and specialty stores worldwide, digital businesses, and the company’s retail segment. Nuuly is a women's apparel subscription rental service.
The company's conference call to discuss first quarter results will be webcast at 5:15 pm ET. The market has reacted to these announcements by moving the company's shares -3.4% to a price of $39.91. If you want to know more, read the company's complete 8-K report here.
