When Urban Outfitters Inc. (NASDAQ: URBN) released its first-quarter earnings report late on Tuesday, the retailer said that it had $0.38 in earnings per share (EPS) and $855.7 million in revenue. The consensus estimates from Thomson Reuters had called for $0.30 in EPS on revenue of $836.23 million. In the same period of last year, it said it had EPS of $0.10 and $761.19 million in revenue.
During the quarter, total net sales increased 12.4% year over year to a new first-quarter record. Comparable retail segment net sales increased 10%, driven by strong, double-digit growth in the digital channel and positive retail store sales.
By brand, comparable Retail segment net sales increased 15% at Free People, 10% at the Anthropologie Group and 8% at Urban Outfitters. Wholesale segment net sales increased 13%.
In terms of its sales, the company reported as follows:
- Urban Outfitters net sales increased 13.3% year over year to $322.68 million.
- Anthropologie Group net sales increased 11.6% to $347.09 million.
- Free People net sales increased 13.7% to $181.31 million
Urban Outfitters did not offer any guidance for the current quarter, but the consensus estimates call for $0.67 in EPS on $936.76 million in revenue.
CEO Richard A. Hayne commented on the report:
We are pleased to report record first quarter sales driven by a 10% increase in comparable Retail segment sales and a 13% increase in wholesale sales. Even more exciting is our 280% jump in first quarter EPS, a result of strong sales, healthy margin improvement, SG&A leverage and a lower tax rate.
Shares of Urban Outfitters were last seen up about 1% at $41.56, with a consensus analyst price target of $39.23 and a 52-week trading range of $16.19 to $43.58.