Urban Outfitters, Inc. (URBN), a Philadelphia-based lifestyle retailer, has announced its financial results for the second quarter of fiscal 2023, ended July 31, 2023..
**Key Financial Highlights:**.
* **Net sales:** $1.27 billion, a 12.7% increase compared to $1.12 billion in the same period last year. This marks the highest quarterly net sales in the company’s history..
* **Comparable store sales:** Increased by 11%, driven by growth in both brick-and-mortar stores and e-commerce..
* **Diluted earnings per share (EPS):** $0.97, a 2.1% decrease from $0.99 in Q2 2022..
* **Gross profit:** $607.4 million, up from $554.3 million in the previous year’s quarter..
* **Operating income:** $132.5 million, a 10.6% increase compared to $119.8 million in Q2 2022..
**Segment Performance:**.
* **Urban Outfitters:** Net sales grew by 11.4% to $661.1 million, with comparable store sales rising by 10%..
* **Anthropologie Group:** Net sales increased by 15.5% to $298.9 million, driven by a 16% increase in comparable store sales..
* **Free People:** Net sales climbed by 10.4% to $223.5 million, fueled by a 12% growth in comparable store sales..
* **Nuuly:** Net sales amounted to $73.2 million, reflecting a 46.1% increase year-over-year..
**Growth and Expansion:**.
During the quarter, Urban Outfitters opened six new stores and closed one. The company currently operates 640 stores in the United States, Canada, Europe, and Asia..
**Outlook:**.
Urban Outfitters remains optimistic about the future and expects to continue its growth trajectory. The company is focused on enhancing its customer experience, expanding its product offerings, and optimizing its digital platforms..
**CEO’s Statement:**.
