Urban Outfitters, Inc. has reported record sales for the second quarter of 2024. The company's net income for the three months ended July 31, 2024, was $117.5 million, with earnings per diluted share of $1.24. For the six months ended July 31, 2024, net income was $179.3 million, with earnings per diluted share at $1.89.
Total company net sales for the three months ended July 31, 2024, increased by 6.3% to a record $1.35 billion. The total retail segment net sales increased by 3.1%, with comparable retail segment net sales increasing by 2.0%. For the six months ended July 31, 2024, total company net sales increased by 7.0% to a record $2.55 billion, with total retail segment net sales increasing by 4.4% and comparable retail segment net sales increasing by 3.2%.
The gross profit rate for the three months ended July 31, 2024, increased by 68 basis points compared to the same period in 2023. Gross profit dollars increased by 8.3% to $493.3 million. For the six months ended July 31, 2024, the gross profit rate increased by 67 basis points, with gross profit dollars increasing by 9.1% to $901.7 million.
Total inventory as of July 31, 2024, increased by $18.2 million, or 3.1%, compared to the same period in 2023. Selling, general, and administrative expenses for the three months ended July 31, 2024, increased by $24.7 million, or 7.6%, and expressed as a percentage of net sales, deleveraged by 32 basis points. For the six months ended July 31, 2024, selling, general, and administrative expenses increased by $58.6 million, or 9.4%, and expressed as a percentage of net sales, deleveraged by 59 basis points.
Net income for the three months ended July 31, 2024, was $117.5 million, while net income for the six months ended July 31, 2024, was $179.3 million. The company repurchased and retired 1.2 million shares for approximately $52 million during the six months ended July 31, 2024, with 18.0 million common shares remaining under the program as of that date.
During the six months ended July 31, 2024, the company opened 19 new retail locations and closed 9 retail locations. As of July 31, 2024, Urban Outfitters, Inc. operates 263 Urban Outfitters stores, 239 Anthropologie stores, and 205 Free People stores, among others.
The market has reacted to these announcements by moving the company's shares -8.8% to a price of $37.81. If you want to know more, read the company's complete 8-K report here.
