Urban Outfitters, Inc. (NASDAQ: URBN) reported its preliminary financial results for the quarter ended April 30, 2020, on Tuesday after the market closes. The results missed analysts’ expectations.
The company slipped to a loss in the first quarter of 2021 from a profit last year due to the impact of the coronavirus pandemic (COVID-19) on its business. The top-line dropped by 32% as the mandated store closures impacted the retail store sales negatively despite low double-digit growth in the digital channel.
During the latest quarter, the company recorded a $14.5 million provisional store impairment charge and a $43.3 million year-over-year increase in inventory obsolescence reserves due to an increase in aged inventory and an increase in the promotional environment in both the Retail and Wholesale segments.
The company opened a total of four new retail locations including two Anthropologie Group stores and two Urban Outfitters stores; and closed one Urban Outfitters store during the quarter. During the three months ended April 30, 2020, no franchisee-owned stores were opened or closed.
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