Urban Outfitters' 4Q sales improve but fall short
PHILADELPHIA (AP) — Urban Outfitters Inc. said Monday that its fourth-quarter revenue increased 6 percent on gains at its Anthropologie and Free People brands.
The quarter's revenue, however, fell short of analyst expectations and shares of the retailer slipped in extended trading.
Urban Outfitters said that its total revenue for the quarter that ended Jan. 31 increased to $905.9 million from $856.6 million. But analysts polled by FactSet were anticipating $926.2 million for the period.
The retailer said that its revenue from stores open at least a year, which includes its online and catalog sales, increased 1 percent. This is a closely watched figure as it strips away the impact of recently opened and closed stores. This measure increased 20 percent at Free People and 10 percent at Anthropologie, while falling 9 percent at its namesake chain.
Urban Outfitters, based in Philadelphia, also owns the BHLDN and Terrain brands.
The company's CEO Richard Hayne said in a statement that early response to its spring lines have been difficult to read due to bad weather in parts of the country. Solid gains at its Anthropologie and Free People have been largely offset by weakness at Urban Outfitters.
Urban Outfitters said its total revenue for the full year increased 10 percent to $3.09 billion and its revenue from established stores increased 6 percent over the prior year.
Shares fell 39 cents to $36.25 in extended trading following the announcement. Its stock added 40 cents to close regular trading at $36.64.