Lifestyle retailer Urban Outfitters Inc continues to defy the economic downturn, reporting record third-quarter earnings of $59 million, a 31 percent gain. The hike in third quarter earnings was helped by rising sales at its Anthropologie, Free People, and Urban Outfitters brands.
For the third quarter ended (Oct. 31), Urban Outfitters had sales of $478 million, up 26 percent from the previous year’s sales of $379.3 million. On a comparable basis, measuring the same stores as a year ago, sales rose by 10 percent overall at its three store brands.
Direct consumer sales jumped 41% and Free People wholesale sales climbed 21%.
Glen T Senk, CEO says, regarding the key holiday shopping season:
"We believe our rigorous management of inventory and expenses have positioned the Company appropriately for the holiday and spring seasons."
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