Retailer Urban Outfitters reported worse than expected first quarter 2020 earnings after the close Tuesday. Comparable sales of Free People, Anthropologie & $URBN brands were all down on the Lockdown.
Retailer Urban Outfitters reported better than expected third quarter 2018 earnings after the close Monday. Comparable sales of Free People, Anthropologie & $URBN brands all grew strongly.
Urban Outfitters, Inc. NASDAQ: URBN Reported Earnings After Close Monday
$(1.41) Missed ($0.22) EPS AND $588.48M Missed $633.01 Million Revenue Forecast
Urban Outfitters earnings for the first quarter announced a preliminary net loss of $138 million and preliminary loss per diluted share of $1.41 missing expectations by $1.19. Revenue was $588.48 million, -31.9% Y/Y and missed by $45.01M.
Comparable Retail segment net sales decreased 28%, driven by negative retail store sales due to mandated store closures, partially offset by low double-digit growth in the digital channel.These preliminary financial results include a provisional impairment expense and the corresponding tax effects, all of which are currently being evaluated.
Urban Outfitters, Inc. NASDAQ: URBN
Market Reaction After hours $17.15 −0.78 (-4.35%)
“I am incredibly proud of our teams for their hard work, dedication and resilience over the last two months. The actions we’ve taken during the quarter to strengthen our balance sheet and help preserve liquidity provides us with financial flexibility during this difficult period,” said Richard A. Hayne, Chief Executive Officer. “I’m confident our proven ability to execute our multi-channel, multi-brand, and multi-category strategy will ensure our future success,” finished Mr. Hayne.
Urban Outfitters is generally linked to the hipster millennials with that demographic a big feature of URBN’s customer base and target. These is a grouping that society often parodies for their reliability, which carries some of the basis for the large short book on Wall Street. Not a sound basis to ‘hate a stock’.
- Total Company net sales for the three months ended April 30, 2020, decreased 31.9% over the same period last year to $588 million.
- Comparable Retail segment net sales decreased 28%, driven by negative retail store sales due to mandated store closures, partially offset by low double-digit growth in the digital channel.
- By brand, comparable Retail segment net sales decreased 19% at Free People, 24% at Urban Outfitters and 33% at the Anthropologie Group.
- Total Retail segment net sales decreased 28%.
- Wholesale segment net sales decreased 74%.
About Urban Outfitters
Urban Outfitters, Inc., offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands comprised of 249 Urban Outfitters stores in the United States, Canada and Europe and websites; 233 Anthropologie Group stores in the United States, Canada and Europe, catalogs and websites; 144 Free People stores in the United States, Canada and Europe, catalogs and websites, 11 Menus & Venues restaurants, 5 Urban Outfitters franchisee-owned stores, 1 Anthropologie Group franchisee-owned store and 1 Free People franchisee-owned store, as of April 30, 2020. Free People, Anthropologie Group and Urban Outfitters wholesale sell their products through approximately 2,300 department and specialty stores worldwide, digital businesses and the Company’s Retail segment.
Source: Urban Outfitters, AlphaStreet
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