Urban Outfitters reports record revenue
Urban Outfitters’ net sales increased 10.1% to a company-record $1.6 billion for its fiscal Q4, which ended on Jan. 31, delivering a new milestone for the company’s rental business Nuuly. The record quarter was part of a record year for the Philadelphia-based retailer. It saw total company net sales increase 7.7% to $5.6 billion. During its earnings call, Frank Conforti, the co-president and chief operating officer at Urban Outfitters, credited success to the Anthropologie, Free People, FP Movement and Nuuly brands. Of those brands, Nuuly also distinguished itself by becoming profitable for the retailer’s full fiscal year. “The strong revenue growth in the fourth quarter resulted in expense rate leverage in almost every expense line item, which helped deliver a record fourth quarter operating profit and another Nuuly first, its first full year of profitability,” he stated.