Why Urban Outfitters Shares Are Jumping Today

Loading...
Loading...
  • Urban Outfitters Inc URBN reported a Q1 2023 sales increase of 6% Y/Y to $1.11 billion, beating the analyst consensus of $1.09 billion
  • EPS of $0.56 beat the consensus of $0.35.
  • Retail segment sales rose 4% Y/Y to $1.0 billion. Comparable Retail segment net sales increased 5% Y/Y, led by high single-digit growth in digital channel sales and low single-digit increase in retail store sales.
  • Wholesale sales declined 11% Y/Y to $58.1 million, owing to a 14% Y/Y fall in Free People Group wholesale sales on weak sales to department stores and specialty customers. 
  • Nuuly segment net sales rose significantly to $51.5 million from $22.8 million on subscribers growth of 118% as of the current quarter vs. the prior year quarter.
  • The gross profit increased 14.8% Y/Y to $371.2 million, with a margin expansion of 260 basis points Y/Y of 33.3%, driven by higher initial merchandise markups across all brands on lower inbound transportation expenses.
  • Selling, general and administrative expenses rose 8.2% Y/Y to $299.8 million.
  • The company held $381.4 million in cash and cash equivalents as of Q1 2023.
  • As of April 30, 2023, total inventory declined by 6.3% Y/Y to $590.3 million.
  • The company did not buy back shares in Q1 and had 19.2 million common shares remaining under the share repurchase program as of Q1 end. 
  • Price Action: URBN shares are trading higher by 13.62% at $30.29 premarket on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesMid CapNewsRetail SalesBuybacksMarketsMoversBriefspremarket tradingwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...