Urban Outfitters beats Street with Q2 profit

Philadelphia – Although net income at Urban Outfitters Inc. slightly slipped in the second quarter of fiscal 2016 compared to the same period a year earlier, it still beat Wall Street expectations. Net income totaled $66.84 million, down 1% from $67.5 million.



Total net sales fared better, rising 7% to a record $867 million from $811.25 million. Same-store retail segment sales, which include the direct-to-consumer channel, increased 4%. Same-store sales rose 14% at Free People, 4% at Urban Outfitters and 2% at the Anthropologie Group. Wholesale segment net sales rose 21%.



"We are pleased to announce record sales for the second quarter driven by positive retail segment comp growth at each brand," said Richard A. Hayne, CEO. "Without question, the brands` strong execution of our long-term strategy helped fuel that sales growth and laid the groundwork for future increases, as well."