Categories AlphaGraphs, Earnings, Retail

Infographic: Highlights of Urban Outfitters (URBN) Q1 2021 earnings results

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.

Urban Outfitters (URBN) Q1 2021 earnings review

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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