When Urban Outfitters Inc. (NASDAQ: URBN) released its fiscal second-quarter financial results after the markets closed on Tuesday, the company said that it had $0.84 in earnings per share (EPS) and $992.5 million in revenue. That compared with consensus estimates of $0.77 in EPS and $979.22 million in revenue, as well as the $0.44 and $872.93 million posted in the same period of last year.
During the latest quarter, comparable retail segment net sales increased 13%, driven by strong, double-digit growth in the digital channel and positive retail store sales. By brand, comparable retail segment net sales increased 17% at Free People, 15% at Urban Outfitters and 11% at the Anthropologie Group. Wholesale segment net sales increased 10%.
In terms of its segments, the company reported as follows:
- Urban Outfitters net sales increased 17.1% year over year to $379.3 million.
- Anthropologie Group net sales increased 10.7% to $401.3 million.
- Free People net sales increased 14.5% to $206.4 million.
- Food and Beverage decreased 15.4% to $5.4 million.
Separately, the board of directors authorized the repurchase of 20 million common shares under a share repurchase program, of which 17.9 million common shares were remaining as of July 31, 2018.
In the six months ended July 2018, the company opened a total of seven new locations, including three Free People stores, two Urban Outfitters stores and two Anthropologie Group stores. The firm closed two locations, including one Urban Outfitters store and one Anthropologie Group store.
Shares of Urban Outfitters closed Tuesday at $47.74, with a consensus analyst price target of $48.17 and a 52-week range of $19.38 to $49.00. Following the announcement, the stock was up over 5% at $50.40 in early trading indications Wednesday.