Urban Outfitters has reported first-quarter sales that beat out Wall Street’s estimates, and its credits the company’s Anthropologie and Free People brands for helping drive that momentum, writes Lily Meier for Bloomberg.
Comparable sales rose 4.6 percent in the company’s retail segment, which outpaced the average estimate from analysts. Revenue rose 7.8 percent from a year prior to $1.2 billion, which was in line with estimates.
Both the Free People and Anthropologie brands posted higher-than-expected sales in the fiscal quarter that ended on April 30.
Free People’s athleisure brand, FP Movement, in particular is what helped drive the growth.
The combined performances of the brands helped offset performance weakness at the namesake Urban Outfitters brand, which saw a 12 percent decline in sales.
The company is planning to open around 57 new stores within the next fiscal year, while closing about 21 locations. Of the new locations, 25 will be branded by FP Movement, while 13 new locations each will go to Free People and Anthropologie, respectively.
Read more about Urban Outfitters’ successful first-quarter at Bloomberg.
_____
