(Filed Under Financial and General Interest News). Retailer Urban Outfitters reported a second-quarter profit of $56.7 million, or 35 cents a share, down 20.9 percent from $71.7 million, or 42 cents a share, in the second quarter of 2010. The company said that higher administrative, selling and other general expenses contributed to the lower profit.
During the six months ended July 31, 2011, reported sales came to $609.2 million, up 10.3 percent from $552.2 million in last year’s period. Online sales rose 16.6 percent, while wholesale segment sales were up 7 percent. Comparable sales at Free People and Urban Outfitters stores increased 18 and 1 percent respectively, while comparable sales at Anthropologie stores were flat. The company opened 20 new stores, including nine Free People stores, seven Anthropologie stores and four Urban Outfitters.
"We remain confident in our strategies and believe we made great executional progress during the quarter," stated Glen T. Senk, chief executive officer. "We anticipate gradual improvements in our comparable sales over the balance of the fiscal year and into spring 2012."
Philadelphia-based Urban Outfitters, Inc. plans to open 55 to 57 stores this year, focusing on expanding Free People stores in the United States and Urban Outfitters stores in Europe.
Disclaimer: The views expressed in comments published on bodymagazine.us are those of the comment writers alone. They do not represent the views or opinions of Bodymagazine or its staff.
NOTE: Your Email will not be displayed.