Urban Outfitters, Inc. (NASDAQ: URBN), a leading lifestyle products and services company, has reported higher sales and earnings for the third quarter of 2023.
- Q3 net income rose to $83.0 million or $0.88 per share from $37.2 million or $0.40 per share last year
- Net sales for the three-month period increased 9% annually to a record $1.28 billion
- Retail segment net sales increased 7.3%, with comparable Retail segment sales increasing 5.6%
- Wholesale segment net sales decreased 3.6%, driven by a 3.5% decrease in Free People wholesale sales
- As of October 2023, total inventory decreased by $22.6 million, or 3.0%, compared to the same period last year
- During the nine months ended October 2023, the company opened a total of 21 new retail locations
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