The spike in comparable retail segment net sales was primarily driven by strong double-digit growth in the digital channel and positive retail store sales. At Free People, comparable retail sales rose 17%, while at Anthropologie Group it increased 11%. For Urban Outfitters, comp sales improved 15%.
Sales at all major segments saw double-digit increases for the quarter. However, the Food and Beverage segments, which the company had ventured into to overcome the ever-expanding retail competition, saw a 15% decline in sales year-over-year.
The board of directors authorized the buyback of 20 million common shares under a share repurchase program, of which 17.9 million common shares were remaining as of July 31, 2018.
For the six months ended July 31, 2018, Urban Outfitters opened a total of seven new locations including three Free People stores, two Urban Outfitters stores, and two Anthropologie Group stores. It closed two locations including one Urban Outfitters store and one Anthropologie Group store.
Urban Outfitters stock had rallied over 152% in the past year and has jumped more than 36% since January. Shares of the company ended Tuesday’s regular trading session up by 0.48% at $47.74 on the Nasdaq.