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Urban Outfitters (NASDAQ: URBN) reported its second quarter earnings on Tuesday. Shares of the company are up four percent.
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Below are some key highlights from its call:
• Total company sales for the quarter increased by 7 percent to a second quarter record of $811 million.
• This increase was driven by a $39 million increase in non-comparable store sales, opening nine new stores, and a 36 percent jump in Wholesale segment sales.
• Our Retail segment comp rate was flat for the quarter.
• By brand, our Retail segment comp rate increased by 21 percent and 6 percent at Free People and Anthropologie Group, respectively, and declined 10 percent at Urban Outfitters.
• Gross profit for the quarter increased 2 percent as compared to the prior comparable quarter to $303 million.
• Technology investments are paying dividends. Our iOS app drove 10 percent of sales for the channel as mobile sales grew sharply.
• We ended the quarter with $409 million in cash and marketable securities.