Urban Outfitters Reports Holiday Sales
January 09 2017 - 07:30AM
PHILADELPHIA, PA, January 9, 2017 -
Urban Outfitters, Inc. (NASDAQ:URBN), a portfolio of global
consumer brands comprised of Anthropologie, Bhldn, Free People,
Terrain, Urban Outfitters and Vetri Family brands, today announced
net sales for the two and eleven months ended December 31,
2016.
Total Company net sales for the two months ended
December 31, 2016, increased by 3% over the same period last
year. Comparable Retail segment net sales, which include our
comparable direct-to-consumer channel, increased 1.5%. By
brand, comparable Retail segment net sales increased 3.6% at Urban
Outfitters and 2.9% at Free People, but decreased 1.0% at the
Anthropologie Group. The increase in comparable Retail
segment sales was driven by strong, double-digit growth in the
direct-to-consumer channel, which was partially offset by lower
than anticipated retail store comparable net sales. Wholesale
segment net sales decreased by 4% as the prior year period
benefitted from late shipments of third quarter bookings. The
Company expects total Company gross margins to deleverage more than
previously expected primarily driven by two factors. First
was the larger than expected shift in demand by channel. This
shift, caused by lower store traffic, resulted in lower store sales
and required higher promotional activity to boost demand. The
second factor was a larger than anticipated shift in product
mix that saw customers respond more favorably to lower margin items
and categories.
For the eleven months ended December 31, 2016,
total Company net sales increased 3% over the same period last
year. Comparable Retail segment net sales increased
1.3%. Wholesale segment net sales increased 12%.
During the eleven months ended December 31, 2016, the Company
opened a total of 27 new stores including: 13 Free People stores,
10 Anthropologie Group stores and 4 Urban Outfitters stores; and
closed 3 stores including: 1 Free People store, 1 Anthropologie
Group store and 1 Urban Outfitters store. During the eleven months
ended December 31, 2016, the Company opened 2 new restaurants and
acquired 6 Vetri Family restaurants which are included in the Food
and Beverage division.
Urban Outfitters, Inc. is a portfolio of global
consumer brands which offers a variety of lifestyle merchandise and
consumer products to highly defined customer niches through 243
Urban Outfitters stores in the United States, Canada, and Europe,
catalogs and websites; 227 Anthropologie Group stores in the United
States, Canada and Europe, catalogs and websites; 126 Free People
stores in the United States and Canada, catalogs and websites; Free
People wholesale, which sells its product to approximately 1,900
specialty stores and select department stores worldwide, and 12
Food and Beverage restaurants, as of December 31, 2016.
This news release is being made pursuant to the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Certain matters
contained in this release may constitute forward-looking
statements. When used in this release, the words "project,"
"believe," "plan," "will," "anticipate," "expect" and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any one, or all, of the following factors could
cause actual financial results to differ materially from those
financial results mentioned in the forward-looking statements: the
difficulty in predicting and responding to shifts in fashion
trends, changes in the level of competitive pricing and promotional
activity and other industry factors, overall economic and market
conditions and the resultant impact on consumer spending patterns,
lowered levels of consumer confidence and higher levels of
unemployment, continuation of lowered levels of consumer spending
resulting from a worldwide political and economic crisis, any
effects of terrorist acts or war, natural disasters or severe
weather conditions, availability of suitable retail space for
expansion, timing of store openings, risks associated with
international expansion, seasonal fluctuations in gross sales, the
departure of one or more key senior executives, import risks,
including potential disruptions and changes in duties, tariffs and
quotas, the closing of any of our distribution centers, our ability
to protect our intellectual property rights, risks associated with
internet sales, response to new store concepts, failure of our
manufacturers to comply with our social compliance program, changes
in accounting standards and subjective assumptions, regulatory
changes and legal matters and other risks identified in the
Company's filings with the Securities and Exchange Commission. The
Company disclaims any intent or obligation to update
forward-looking statements even if experience or future changes
make it clear that actual results may differ materially from any
projected results expressed or implied therein.
###
CONTACT:
Oona McCullough
Director of Investor Relations
(215) 454-4806
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Urban Outfitters via Globenewswire
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